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Lecture 201 Macroeconomic Analysis 2003 Theories of Unemployment Blanchard 6-8,13, Mankiw 6, M&S 18.

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Presentation on theme: "Lecture 201 Macroeconomic Analysis 2003 Theories of Unemployment Blanchard 6-8,13, Mankiw 6, M&S 18."— Presentation transcript:

1 Lecture 201 Macroeconomic Analysis 2003 Theories of Unemployment Blanchard 6-8,13, Mankiw 6, M&S 18

2 Lecture 202 Four Theories of Unemployment

3 Lecture 203 L L1L2 LD(MPL) 0 A B C Unemployment in the Classical Model: Minimum wage and Labour Market Rigidity

4 Lecture 204 L = 488 L1 = 485L2=605 LD(MPL) 0 A B C Unemployment in the Classical Model: A Numerical Example Minimum wage, Labour Market Rigidity and Involuntary unemployment U = 120

5 Lecture 205

6 6 A Numerical Example of the Natural Rate of Unemployment

7 Lecture 207 Un = Real wage, Mark up and the Natural Rate of Unemployment

8 Lecture 208 Efficiency wage theory

9 Lecture 209 Firms Labour demand MPL Wage rate Employment Wage rate U(w,E) Employment Firms Demand for labour Unions wage employment preference Collective Labour supply MPL

10 Lecture 2010 Insider-Outsider Model of Unemployment with Wage rates and Employment in the Union and Non-union Sectors U(w,E) wuwu 0 w nu u Union, E Non-union, E Wage rate in the Union Sector Wage rate in the non-union Sector LD in union sector LD in non union sector

11 Lecture 2011 Frictional and structural unemployment

12 Lecture 2012 Frictional Unemployment Rate

13 Lecture 2013 Individual labour supply Collective labour supply LeL1L2 Wu Wf A B Union voluntary and Individual Involuntary unemployment o Involuntary Unemployment in the Collective Bargaining

14 Lecture 2014 Structural unemployment: Labour Market Rigidity

15 Lecture 2015 Measures to reduce unemployment rate

16 Lecture 2016 References


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