Title: The Natural Rate of Unemployment: Working Paper 2007-06
Abstract: This paper assesses the natural rate of unemployment—the unemployment rate that arises from all sources other than fluctuations in demand associated with business cycles. The natural rate is determined by the rate at which jobs are simultaneously created and destroyed, the rate of turnover in particular jobs, and how quickly unemployed workers are matched with vacant positions. Those factors in turn depend on the characteristics of jobs and of workers and on the efficiency of the labor market’s matching process. Evidence points to a natural rate that has declined over the past two decades, in
Publication Year: 2007
Publication Date: 2007-04-17
Language: en
Type: preprint
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