Keynesian Unemployment
The empirical results obtained by Holmes & Hutton (HH) suggest that the labour market is typically out of equilibrium - specifically that it is at a point
on the demand curve both in periods of expansion and contraction
on the supply curve both in periods of expansion and contraction
on the demand curve during a contraction and on the supply curve during an expansion
on the demand curve during an expansion and on the supply curve during a contraction
Next question
Exit