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BEGIN:VEVENT
UID:001ed99de4fd52e39a94b0b40b7d6e3c
CATEGORIES:Seminars
CREATED:20230605T142759
SUMMARY:Pascal Michaillat - Brown University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nu* = √uv\n\n\nAbstract:\nMost governments are mandated to maintain thei
 r economies at full employment. We propose that the best marker of full emp
 loyment is the efficient unemployment rate, ∗u∗, which is the unemploy
 ment rate that minimizes the nonproductive use of labor—both unemployment a
 nd recruiting. The nonproductive use of labor is well measured by the numbe
 r of jobseekers and vacancies, u+v. Through the Beveridge curve, the n
 umber of vacancies is inversely related to the number of jobseekers. With s
 uch symmetry, the labor market is efficient when there are as many jobseeke
 rs as vacancies (u=v), too tight when there are more vacancies than jobseek
 ers (v>u), and too slack when there are more jobseekers than vacancies (
 u>v). Moreover, the efficient unemployment rate is the geometric average
  of the unemployment and vacancy rates: u∗=uv​. We compute ∗u∗&nb
 sp;for the United States between 1930 and 2022. We find that ∗u∗ 
 averages 4.1% over the period, that ∗u∗ is quite stable over time
  and, for instance, that the US labor market was inefficiently tight from t
 he middle of 2021 to the end of 2022.\n
DTSTAMP:20260615T124849Z
DTSTART:20231204T143000Z
DTEND:20231204T160000Z
SEQUENCE:0
TRANSP:OPAQUE
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