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

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