西方经济学(宏观)课件CHAPter07.ppt
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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
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