The Natural Rate of Unemployment

The Natural Rate of Unemployment

Order Description

1. Has the U.S. economy achieved full employment equilibrium yet? Explain how we define ‘full employment’ and how you can tell whether or not that goal has been achieved. Use appropriate data to support your answer (see below). Be sure to cite the sources of your data in your essay.

Use the Federal Reserve Bank of St. Louis’ estimate of the Natural Rate of Unemployment (short-term) at http://research.stlouisfed.org/fred2/series/NROUST Drag your cursor across the graph to find the estimate of the natural rate of unemployment for the first quarter of 2015 (2015 Q1). (The graph shows estimates of the natural rate from 1950 to 2024).

Use the Bureau of Labor Statistics website (bls.gov) to find the most recent estimate of the actual unemployment rate.

2. Read the Introduction (first five pages) of the article “A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?” by Mary C. Daly, Bart Hobijn, Aysegul Sahin, and Robert G. Vallet. How does this article explain the pattern in the Natural Rate of Unemployment graph from 2007 to 2012?

Your essay should not exceed 1200 words.

pay attention to the four parts:Topic sentence consistency, Autor’s argument summary, Topic sentence is supported with examples from reading and writing

Writing Prompt:

1. (1 paragraph) Has the U.S. economy achieved full employment equilibrium yet? Explain how we define ‘full employment’ and how you can tell whether or not that goal has been achieved. Use appropriate data to support your answer (see below). Be sure to cite the sources of your data in your essay.

Use the Federal Reserve Bank of St. Louis’ estimate of the Natural Rate of Unemployment (short-term) at http://research.stlouisfed.org/fred2/series/NROUST Drag your cursor across the graph to find the estimate of the natural rate of unemployment for the first quarter of 2015 (2015 Q1). (The graph shows estimates of the natural rate from 1950 to 2024).

Use the Bureau of Labor Statistics website (bls.gov) to find the most recent estimate of the actual unemployment rate.
2. Read the Introduction of the article “A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?” by Mary C. Daly, Bart Hobijn, Aysegul Sahin, and Robert G. Vallet.  (The article starts on page 3. You need to read pages 3 and 4, plus the two paragraphs at the top of page 5.) How do the authors explain the increase in the Natural Rate of Unemployment during and after the financial crisis (from 2007 to 2012)?
Your essay should not exceed 1200 words.
Grading Rubric:

The table below shows the criteria your essay will be judged against. I expect four to seven paragraphs, double-spaced. Your essay will be assessed as either ‘Meets expectations’ or ‘Needs improvement’ on each of the seven criteria in the table below. If your essay meets expectations on 4 of the 5 criteria, your score will be 80%; 3 out of 5 criteria met will result in a score of 60%, etcetera.

After receiving feedback from Smarthinking, you may revise and re-submit the essay to Smarthinking for another try – but you only get one second chance on each writing assignment. If you don’t get an acceptable score, even after revising and resubmitting this assignment, you can still rescue your writing assignment average by doing well on the next two assignments. I will take the average of your three highest writing assignment scores to compute your writing assignment average.

5 Criteria     Needs Improvement      Meets Expectations
Writing     The writing is difficult to follow
and/or poorly organized.
Transition sentences are absent or ineffective. Typos
and/or grammatical errors distract the reader.     Ideas are well-organized. Transition sentences effectively connect one idea to the next. The essay is free of typos and grammatical errors.
Application of economic analysis     The definition of the term full employment is vague, incomplete, or incorrect.     The definition of the term full employment is thorough and correct.
The student draws the wrong conclusion from her comparison of the actual and natural rates of unemployment     The student draws the correct conclusion from her comparison of the actual and natural rates of unemployment.
The student does not identify the reasons for the changes in the natural rate of unemployment from 2007 to 2012, or does so incompletely or incorrectly.     The student discusses the reasons for the changes in the natural rate of unemployment from 2007 to 2012 completely and correctly.
Analysis of data     The student inaccurately reports the natural rate of unemployment and/or the actual rate of unemployment, or does not cite the source of the data.     The student accurately reports the natural rate of unemployment and the actual rate of unemployment and cites the source for both.

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