Michaillat, Pascal; Saez, Emmanuel - In: Journal of public economics plus 2 (2021), pp. 1-17
This paper develops a sufficient-statistic formula for the unemployment gap-the difference between the actual … Beveridge curve, determines the efficient unemployment rate. Accordingly, the unemployment gap can be measured from three ….0% and 5.4%, and has been stable between 3.8% and 4.6% since 1990. As a result, the unemployment gap is countercyclical …