The Natural Rate of Unemployment Assignment | College Homework Help

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(1 paragraph) 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 Bureau of Labor Statistics website (bls.gov) to find the most recent estimate of
the actual unemployment rate. (See the column on the bottom-right side of the BLS
homepage labeled ‘LATEST NUMBERS.’
• 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 same period as the actual unemployment rate you reported above. For example, if the
latest unemployment rate is for January of 2020, you would look for the natural rate of
unemployment in the first quarter of 2020. (The natural rate graph shows estimates of the
natural rate from 1950 to 2029).

(1-3 paragraphs) Read the Introduction (the first three pages of the pdf) 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. How do the authors
explain the increase in the Natural Rate of Unemployment during and after the financial crisis
(from 2007 to 2012)?
Grading Rubric
The table below shows the criteria your essay will be judged against. I expect about five paragraphs,
double-spaced. Your essay will be assessed as either ‘Meets expectations’ or ‘Needs improvement’
on each of the five criteria in the table below. If your essay meets expectations on 3 of the 5 criteria,
your score will be 60%; 2 out of 5 criteria met will result in a score of 40%, etcetera.
After receiving feedback from NetTutor, you may revise and re-submit the essay to NetTutor for
another try – but you only get one second chance on each writing assignment. You have one week
from when you received feedback to submit your revision. If you don’t get an acceptable score, even
after revising and resubmitting this assignment, you can still rescue your writing assignment
average by doing well on the next two assignments. I will take the average of your three highest
writing assignment scores to compute your writing assignment average.
5 Criteria Needs Improvement Meets Expectations
Writing

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The writing is difficult to follow
and/or poorly organized. Transition
sentences are absent or ineffective.
Ideas are well-organized.
Transition sentences
effectively connect one idea to
Typos and/or grammatical errors
distract the reader.
the next. The essay is free of
typos and grammatical errors.
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.
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.

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