Explain how many years would it take to reduce

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Reference no: EM1333610

Unemployment rate and economic growth

You are hired as a business consultant to a Senator. She heard the association between the unemployment rate and economic growth, and asks you to estimate the relationship so that she could propose a policy to lower the unemployment rate.

Question: Given the relationship you estimated and the most recent GDP growth rate (most recently announced by the Bureau of Economic Analysis), how many years would it take to reduce the unemployment rate by 3 percentage points, assuming that the current GDP growth rate will continue into the future?

Reference no: EM1333610

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