The Labor Market

1. The Labor Market

Chapter 6

2. 6-1 A Tour of the Labor Market

Figure 6-1 Population, Labor Force, Employment, and Unemployment
in the United States (in millions), 2010
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3. 6-1 A Tour of the Labor Market

Figure 6-2 Average Monthly Flows between Employment,
Unemployment, and Nonparticipation in the United States, 1994 to
2011 (millions)
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4. 6-2 Movements in Unemployment

Figure 6-3 Movements in the U.S. Unemployment Rate, 1948–
2010
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5. 6-2 Movements in Unemployment

Figure 6-4 The Unemployment Rate and the Proportion of
Unemployed Finding Jobs, 1994–2010
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6. 6-2 Movements in Unemployment

Figure 6-5 The Unemployment Rate and the Monthly
Separation Rate from Employment, 1994–2010
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7. Focus: Henry Ford and Efficiency Wages

Table 1 Annual Turnover and Layoff Rates (%) at Ford, 1913–
1915
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8. 6-3 Wage Determination

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9. 6-4 Price Determination

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10. 6-5 The Natural Rate of Unemployment

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11. 6-5 The Natural Rate of Unemployment

Figure 6-6 Wages, Prices, and the Natural Rate of Unemployment
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12. 6-5 The Natural Rate of Unemployment

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13. 6-5 The Natural Rate of Unemployment

Figure 6-7 Unemployment Benefits and the Natural Rate of
Unemployment
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14. 6-5 The Natural Rate of Unemployment

Figure 6-8 Markups and the Natural Rate of Unemployment
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15. 6-5 The Natural Rate of Unemployment

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16. Appendix: Wage- and Price-Setting Relations versus Labor Supply and Labor Demand

Figure 1 Wage and Price Setting and the Natural Level of
Employment
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