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dark days ahead
writing_asst_2_pointers4.pptxWriting Assignment #2
Due Sunday night (Feb 26th) on the NetTutor link on Blackboard
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Writing Assignment 2
1. (2 paragraphs) Has the U.S. economy achieved approximate full employment yet? Explain how we define ‘full employment’ and how you can tell whether or not that goal has been achieved. Use appropriate data to support your answer (see below). Be sure to cite the sources of your data in your essay.
Use the definition of ‘full employment’ from the Week 6 Thursday powerpoint. Explain what the natural unemployment rate is, and how it compares to the actual unemployment rate when the labor force is fully employed.
What data do you need in order to determine whether or not the U.S. economy has achieved approximate full employment?
Where to find the data
Use the Federal Reserve Bank of St. Louis’ estimate of the Natural Rate of Unemployment (short-term) at http:// research.stlouisfed.org/fred2/series/NROUST
Drag your cursor across the graph to find the estimate of the natural rate of unemployment for the first quarter of 2017 (2017 Q1). (The graph shows estimates of the natural rate from 1950 to 2024).
Use the Bureau of Labor Statistics website (bls.gov) to find the most recent estimate of the actual unemployment rate.
Read the Introduction of the article “A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?” by Mary C. Daly, Bart Hobijn, Aysegul Sahin, and Robert G. Vallet.
Read pages 1 – 3 of the pdf file
Pages 1 – 3 of the pdf file correspond to pages 3 – 5 of the article.
Start on this page and stop when you get to the heading “The Equilibrium Natural Rate of Unemployment in a Search Model.”
(about 3 paragraphs) How do the authors explain the increase in the Natural Rate of Unemployment during and after the financial crisis (from 2007 to 2012)?
| 5 Criteria | Needs Improvement | Meets Expectations |
| Writing | The writing is difficult to follow and/or poorly organized. Transition sentences are absent or ineffective. Typos and/or grammatical errors distract the reader. | Ideas are well-organized. Transition sentences effectively connect one idea to the next. The essay is free of typos and grammatical errors. |
| 5 Criteria | Needs Improvement | Meets Expectations |
| Application of economic analysis | The definition of the term full employment is vague, incomplete, or incorrect. | The definition of the term full employment is thorough and correct. |
| The student draws the wrong conclusion from her comparison of the actual and natural rates of unemployment | The student draws the correct conclusion from her comparison of the actual and natural rates of unemployment. | |
| The student does not identify the reasons for the changes in the natural rate of unemployment from 2007 to 2012, or does so incompletely or incorrectly. | The student discusses the reasons for the changes in the natural rate of unemployment from 2007 to 2012 completely and correctly. |
| 5 Criteria | Needs Improvement | Meets Expectations |
| Analysis of data | The student inaccurately reports the natural rate of unemployment and/or the actual rate of unemployment, or does not cite the source of the data. | The student accurately reports the natural rate of unemployment and the actual rate of unemployment and cites the source for both. |
