Consider the simple model of labour market flows with the unemployment rate followingUt+1 =(1 − f)ut + s(1 − ut) with constant job separation rate s = = 0.02 per month andconstant job finding rate f = 0.38 per month. Which of the following is false?The time it takes the unemployment rate to recover to half its value following a shock ("half-life") is about1.35 months.The expected duration of an unemployment spell is about 2.6 months.The steady-state unemployment rate is 5%.The expected duration of an employment spell is 5 years.

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Answered: Consider the simple model of labour…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

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Consider the simple model of labour market flows with the unemployment rate following Ut+1 = (1 − f)ut + s(1 − ut) with constant job separation rate s = 0.02 per month and constant job finding rate f = 0.38 per month. Which of the following is false?