What is the steady-state unemployment rate

Reference no: EM132196919

Question: It is the end of the Great Recession and 10.0% of the labor force is unemployed. 1.0% of of unemployed workers employed workers lose their jobs each month, and each month 19.0 find jobs each month.

(a) What is the steady-state unemployment rate?

b) How many months will it take the economy to be approximately at its steady-state (define "approximately" as within one one-tenth of a percentage point)?

Reference no: EM132196919

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