Michaillat, Pascal; Saez, Emmanuel - In: Journal of public economics plus 2 (2021), pp. 1-17
unemployment rate and the efficient unemployment rate. While lowering unemployment puts more people into work, it forces firms to … Beveridge curve, determines the efficient unemployment rate. Accordingly, the unemployment gap can be measured from three … formula to the United States, 1951-2019, we find that the efficient unemployment rate averages 4.3%, always remains between 3 …