西方经济学(宏观)课件CHAPter07.ppt

1、CHAPTER 07LABOUR MARKETS,UNEMPLOYMENT,AND INFLATIONSlide 1What You Will Learn in this Chapter:nThe meaning of the natural rate of unemployment,and why it isnt zeronWhy cyclical unemployment changes over the business cyclenHow factors such as a minimum wage and efficiency wages can lead to structural

2、 unemploymentnThe reasons that unemployment can be higher or lower than the natural rate for extended periodsnThe existence of a short-run trade-off between unemployment and inflation,called the short-run Phillips curve,that disappears in the long runnWhy the NAIRU,the non-accelerating inflation rat

3、e of unemployment,is an important measure for policy-making2The Nature of UnemploymentnThe unemployment rate is the ratio of the number of people unemployed to the total number of people in the labor force who are either currently working or looking for jobsnIf everyone who wanted a job had one,the

4、unemployment rate would be 0%But Canadian public policy analysts consider the economy to be at“full employment”when the rate of unemployment is well above 0%nThe unemployment rate that exists at the level of full employment is referred to as the natural rate of unemployment3The Nature of Unemploymen

5、tnThe natural rate of unemployment is explained by three types of unemployment:Frictional unemployment is unemployment due to the time workers spend in job searchStructural unemployment is unemployment that results when there are more people seeking jobs in a labour market than there are jobs availa

6、ble at the current wageSeasonal unemployment is the fluctuation in unemployment over the course of the year due to the seasons or the weather4Average Duration of Unemployment,20005The Effect of a Minimum Wage on the Labour Market6Causes of Structural UnemploymentnMinimum wages-a government-mandated

7、floor on the price of labournUnions-by bargaining for all of a firms workers collectively(collective bargaining),unions can often win higher wages from employers than the market would have otherwise provided if workers bargained individuallynEfficiency wages-wages that employers set above the equili

8、brium wage rate as an incentive for better performance7The Natural Rate of UnemploymentnThe natural rate of unemployment is the normal unemployment rate around which the actual unemployment rate fluctuatesnCyclical unemployment is a deviation in the actual rate of unemployment from the natural rate8

9、The Breakdown of Unemployment in Canada in 20059The Natural Rate of Unemployment,1966-200510Changes in the Natural Rate of UnemploymentnChanges in labour force characteristicsnChanges in Labour market institutionsnChanges in government policiesnChanges in productivity11Unemployment and the Business

10、CyclenThe percentage difference between the actual level of real GDP and potential output is the output gapWhen actual output is equal to potential output,the actual unemployment rate is equal to the natural rate of unemploymentWhen the output gap is positive(an inflationary gap),the unemployment ra

11、te is below the natural rateWhen the output gap is negative(a recessionary gap),the unemployment rate is above the natural rate12The Actual Unemployment Rate Fluctuates Around the Natural Rate 13These Fluctuations Correspond to the Output Gap14Okuns LawnAccording to Okuns law,each additional percent

12、age point of output gap reduces the unemployment rate by less than 1 percentage pointnThat is,a typical version of Okuns law reads:Unemployment rate=Natural rate of unemployment (0.5 Output gap)15Why Doesnt the Labour Market Move Quickly to Equilibrium?nSome dispute about why wages adjust slowlynTwo

13、 main theories:Misperceptions-workers are slow to realize that the equilibrium wage rate has changedSticky Wages-occur when employers are slow to reduce wages in the face of a surplus of labourPrices of some goods and services also seem to adjust slowly:Menu costs are small costs associated with the

14、 act of changing prices16Unemployment and Inflation:The Phillips CurveThe short-run Phillips curve is the negative short-run relationship between the unemployment rate and the inflation rate.17Unemployment and Inflation from 1956 to the 196518Expected Inflation and the Short-Run Phillips CurveThe ex

15、pected rate of inflation is the rate of inflation that employers and workers expect in the near future.19The NAIRU and the Long-Run Phillips Curve20The NAIRU and the Long-Run Phillips CurveThe non-accelerating inflation rate of unemployment,or NAIRU,is the unemployment rate at which inflation does n

16、ot change over timeIt is equal to the natural rate of unemployment21The NAIRU and the Long-Run Phillips CurvenThe long-run Phillips curve shows the relationship between unemployment and inflation after expectations of inflation have had time to adjust to experiencenThe long-run Phillips curve is vertical because there is no trade-off between the unemployment rate and the inflation rate in the long run22Unemployment and Inflation,1966200523