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image (Unemployment (Unemployment ratio (Unemp. labor, Unemployment Spell,…
Unemployment
Employment ratio
emp. labor
Participation rate
labor
Unemployment ratio
Unemp. labor
Unemployment Spell
NRU (U)
Full Employment Level of Output (Y)
Full Employment Level of Employment (L)
Types
Frictional
Structural
Cyclical
Actual - Natural
Aggregate Output & Unemployment
Okun's
2(U - U')
(U-U') = Cyclical
