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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

What is “natural” about the natural rate of unemployment? Why might the natural rate of unemployment differ across countries?

To determine

Natural rate of unemployment.

Explanation

The natural rate of unemployment implies that there is always a certain level of unemployment existing in the economy when it is in full employment level. The natural rate of unemployment is natural in the economy. The reason is that it is always beyond the influence of the monetary policy of the economy. Also, whatever the rate of inflation, there is always a certain level of unemployment in the economy...

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