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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
Chapter 22, Problem 3QR
Textbook Problem
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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 of Solution

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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