Short-run+Fluctuations

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Thur, Mar 3

 * Slides available on SmartWork
 * Short-run Inflation

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Chapter 9 Talks about Okun's Law, and I found an interesting article published last month in The Economist that cites Okun's Law while discussing the true level of unemployment in our country. The article argues that the large fall in unemployment that was reported in the months of January and February (it reportedly went form 9.8% to 9.0%) could be, among other things, due to statistical errors. They also explain that this massive fall in unemployment should not be considered as evidence of the job market on a roll, because unemployment was inexplicably high to begin with. The article cites that "According to Okun’s law... unemployment should be only about 8.5%."

A link to the full article is here:   http://www.economist.com/node/18114537?story_id=18114537&fsrc=