西方经济学(宏观)课件CHAPter07.ppt

西方经济学(宏观)课件CHAPter07.ppt

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CHAPTER07LABOURMARKETS,UNEMPLOYMENT,ANDINFLATIONSlide1WhatYouWillLearninthisChapter:

nThemeaningofthenaturalrateofunemployment,andwhyitisntzeronWhycyclicalunemploymentchangesoverthebusinesscyclenHowfactorssuchasaminimumwageandefficiencywagescanleadtostructuralunemploymentnThereasonsthatunemploymentcanbehigherorlowerthanthenaturalrateforextendedperiodsnTheexistenceofashort-runtrade-offbetweenunemploymentandinflation,calledtheshort-runPhillipscurve,thatdisappearsinthelongrunnWhytheNAIRU,thenon-acceleratinginflationrateofunemployment,isanimportantmeasureforpolicy-making2TheNatureofUnemploymentnTheunemploymentrateistheratioofthenumberofpeopleunemployedtothetotalnumberofpeopleinthelaborforcewhoareeithercurrentlyworkingorlookingforjobsnIfeveryonewhowantedajobhadone,theunemploymentratewouldbe0%ButCanadianpublicpolicyanalystsconsidertheeconomytobeat“fullemployment”whentherateofunemploymentiswellabove0%nTheunemploymentratethatexistsattheleveloffullemploymentisreferredtoasthenaturalrateofunemployment3TheNatureofUnemploymentnThenaturalrateofunemploymentisexplainedbythreetypesofunemployment:

FrictionalunemploymentisunemploymentduetothetimeworkersspendinjobsearchStructuralunemploymentisunemploymentthatresultswhentherearemorepeopleseekingjobsinalabourmarketthantherearejobsavailableatthecurrentwageSeasonalunemploymentisthefluctuationinunemploymentoverthecourseoftheyearduetotheseasonsortheweather4AverageDurationofUnemployment,20005TheEffectofaMinimumWageontheLabourMarket6CausesofStructuralUnemploymentnMinimumwages-agovernment-mandatedflooronthepriceoflabournUnions-bybargainingforallofafirmsworkerscollectively（collectivebargaining）,unionscanoftenwinhigherwagesfromemployersthanthemarketwouldhaveotherwiseprovidedifworkersbargainedindividuallynEfficiencywages-wagesthatemployerssetabovetheequilibriumwagerateasanincentiveforbetterperformance7TheNaturalRateofUnemploymentnThenaturalrateofunemploymentisthenormalunemploymentratearoundwhichtheactualunemploymentratefluctuatesnCyclicalunemploymentisadeviationintheactualrateofunemploymentfromthenaturalrate8TheBreakdownofUnemploymentinCanadain20059TheNaturalRateofUnemployment,1966-200510ChangesintheNaturalRateofUnemploymentnChangesinlabourforcecharacteristicsnChangesinLabourmarketinstitutionsnChangesingovernmentpoliciesnChangesinproductivity11UnemploymentandtheBusinessCyclenThepercentagedifferencebetweentheactuallevelofrealGDPandpotentialoutputistheoutputgapWhenactualoutputisequaltopotentialoutput,theactualunemploymentrateisequaltothenaturalrateofunemploymentWhentheoutputgapispositive（aninflationarygap）,theunemploymentrateisbelowthenaturalrateWhentheoutputgapisnegative（arecessionarygap）,theunemploymentrateisabovethenaturalrate12TheActualUnemploymentRateFluctuatesAroundtheNaturalRate13TheseFluctuationsCorrespondtotheOutputGap14OkunsLawnAccordingtoOkunslaw,eachadditionalpercentagepointofoutputgapreducestheunemploymentratebylessthan1percentagepointnThatis,atypicalversionofOkunslawreads:

Unemploymentrate=Naturalrateofunemployment（0.5Outputgap）15WhyDoesnttheLabourMarketMoveQuicklytoEquilibrium?

nSomedisputeaboutwhywagesadjustslowlynTwomaintheories:

Misperceptions-workersareslowtorealizethattheequilibriumwageratehaschangedStickyWages-occurwhenemployersareslowtoreducewagesinthefaceofasurplusoflabourPricesofsomegoodsandservicesalsoseemtoadjustslowly:

Menucostsaresmallcostsassociatedwiththeactofchangingprices16UnemploymentandInflation:

ThePhillipsCurveTheshort-runPhillipscurveisthenegativeshort-runrelationshipbetweentheunemploymentrateandtheinflationrate.17UnemploymentandInflationfrom1956tothe196518ExpectedInflationandtheShort-RunPhillipsCurveTheexpectedrateofinflationistherateofinflationthatemployersandworkersexpectinthenearfuture.19TheNAIRUandtheLong-RunPhillipsCurve20TheNAIRUandtheLong-RunPhillipsCurveThenon-acceleratinginflationrateofunemployment,orNAIRU,istheunemploymentrateatwhichinflationdoesnotchangeovertimeItisequaltothenaturalrateofunemployment21TheNAIRUandtheLong-RunPhillipsCurvenThelong-runPhillipscurveshowstherelationshipbetweenunemploymentandinflationafterexpectationsofinflationhavehadtimetoadjusttoexperiencenThelong-runPhillipscurveisverticalbecausethereisnotrade-offbetweentheunemploymentrateandtheinflationrateinthelongrun22UnemploymentandInflation,1966200523