Unemployment Flows in the U.S. Labor Market

摘要: UNEMPLOYMENT IS ALWAYS NEAR the forefront of economic policy issues, but what is perceived as the chief unemployment problem keeps changing. For most of the decade after 1956, excessive cyclical unemployment was the chief policy problem. Its solution lay in restoring full employment by expanding aggregate demand. As this purpose was achieved, inflation emerged and unemployment as a policy problem took on two new dimensions. One was how to reconcile full employment with reasonable price stability. The other was how to …