Add podcast to FERU paper

pmichaillat · Oct 9, 2024 · 79bbef0 · 79bbef0
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diff --git a/content/papers/13.md b/content/papers/13.md
@@ -1,6 +1,7 @@
 ---
 title: "u* = √uv: The Full-Employment Rate of Unemployment in the United States" 
 date: 2024-09-27
+lastmod: 2024-10-09
 url: /13/
 aliases:
     - /13.html
@@ -65,4 +66,5 @@ url = {https://www.brookings.edu/events/bpea-fall-2024-conference/}}
 ##### Related material
 
 + [Presentation slides](/13p.pdf)
-+ [Nontechnical summary for Brookings (2024)](https://www.brookings.edu/articles/u-√uv-the-full-employment-rate-of-unemployment-in-the-united-states/)
++ [Nontechnical summary for Brookings (2024)](https://www.brookings.edu/articles/u-√uv-the-full-employment-rate-of-unemployment-in-the-united-states/)
++ [Podcast with Louise Sheiner from Brookings (2024)](https://www.brookings.edu/articles/what-is-the-efficient-rate-of-unemployment/)
diff --git a/public/13/index.html b/public/13/index.html
@@ -24,7 +24,7 @@
 <meta property="og:url" content="https://pascalmichaillat.org/13/" />
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 <meta property="article:published_time" content="2024-09-27T00:00:00+00:00" />
-<meta property="article:modified_time" content="2024-09-27T00:00:00+00:00" />
+<meta property="article:modified_time" content="2024-10-09T00:00:00+00:00" />
 
 <meta name="twitter:card" content="summary_large_image" />
 <meta name="twitter:image" content="https://pascalmichaillat.org/13s.png" />
@@ -62,11 +62,11 @@
   "keywords": [
     "Beveridge curve", "business cycles", "efficient unemployment rate", "FERU", "full employment", "job vacancies", "labor-force participation", "labor-market tightness", "unemployment", "unemployment gap"
   ],
-  "articleBody": " Paper Code and data Abstract This paper computes the unemployment rate $u^\\ast$ that is consistent with full employment in the United States. First, it argues that the most appropriate economic translation of the legal notion of full employment is social efficiency. Here efficiency means minimizing the nonproductive use of labor—both unemployment and recruiting. As it takes one worker to service one job vacancy, the nonproductive use of labor is measured by the number of jobseekers and job vacancies, $u + v$. Through the Beveridge curve, the numbers of jobseekers and vacancies are inversely related, $uv =$ constant. With such symmetry the labor market is efficient when there are as many jobseekers as vacancies ($u = v$), inefficiently tight when there are more vacancies than jobseekers ($v \u003e u$), and inefficiently slack when there are more jobseekers than vacancies ($u \u003e v$). Accordingly, the full-employment rate of unemployment (FERU) is the geometric average of the unemployment and vacancy rates: $u^\\ast = \\sqrt{uv}$. From 1930 to 2024, the FERU averages 4.1% and is stable, remaining between 2.5% and 6.7%. Unemployment has generally been above the FERU ($u \u003e u^\\ast$), especially during recessions. Unemployment has only been below the FERU ($u \u003c u^\\ast$) during major wars, as well as shortly before and in the aftermath of the pandemic.\nFigure 11: Unemployment rate, vacancy rate, and FERU in the United States, 1930–2024 Figure 12: Labor-market tightness in the United States, 1930–2024 Citation Michaillat, Pascal, and Emmanuel Saez. 2024. “u* = √uv: The Full-Employment Rate of Unemployment in the United States.” Brookings Papers on Economic Activity. https://www.brookings.edu/events/bpea-fall-2024-conference/ .\n@article{MS24, author = {Pascal Michaillat and Emmanuel Saez}, year = {2024}, title = {$u^* = \\sqrt{uv}:$ The Full-Employment Rate of Unemployment in the United States}, journal = {Brookings Papers on Economic Activity}, url = {https://www.brookings.edu/events/bpea-fall-2024-conference/}} Related material Presentation slides Nontechnical summary for Brookings (2024) ",
-  "wordCount" : "307",
+  "articleBody": " Paper Code and data Abstract This paper computes the unemployment rate $u^\\ast$ that is consistent with full employment in the United States. First, it argues that the most appropriate economic translation of the legal notion of full employment is social efficiency. Here efficiency means minimizing the nonproductive use of labor—both unemployment and recruiting. As it takes one worker to service one job vacancy, the nonproductive use of labor is measured by the number of jobseekers and job vacancies, $u + v$. Through the Beveridge curve, the numbers of jobseekers and vacancies are inversely related, $uv =$ constant. With such symmetry the labor market is efficient when there are as many jobseekers as vacancies ($u = v$), inefficiently tight when there are more vacancies than jobseekers ($v \u003e u$), and inefficiently slack when there are more jobseekers than vacancies ($u \u003e v$). Accordingly, the full-employment rate of unemployment (FERU) is the geometric average of the unemployment and vacancy rates: $u^\\ast = \\sqrt{uv}$. From 1930 to 2024, the FERU averages 4.1% and is stable, remaining between 2.5% and 6.7%. Unemployment has generally been above the FERU ($u \u003e u^\\ast$), especially during recessions. Unemployment has only been below the FERU ($u \u003c u^\\ast$) during major wars, as well as shortly before and in the aftermath of the pandemic.\nFigure 11: Unemployment rate, vacancy rate, and FERU in the United States, 1930–2024 Figure 12: Labor-market tightness in the United States, 1930–2024 Citation Michaillat, Pascal, and Emmanuel Saez. 2024. “u* = √uv: The Full-Employment Rate of Unemployment in the United States.” Brookings Papers on Economic Activity. https://www.brookings.edu/events/bpea-fall-2024-conference/ .\n@article{MS24, author = {Pascal Michaillat and Emmanuel Saez}, year = {2024}, title = {$u^* = \\sqrt{uv}:$ The Full-Employment Rate of Unemployment in the United States}, journal = {Brookings Papers on Economic Activity}, url = {https://www.brookings.edu/events/bpea-fall-2024-conference/}} Related material Presentation slides Nontechnical summary for Brookings (2024) Podcast with Louise Sheiner from Brookings (2024) ",
+  "wordCount" : "314",
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-  "dateModified": "2024-09-27T00:00:00Z",
+  "dateModified": "2024-10-09T00:00:00Z",
   "author":[{
     "@type": "Person",
     "name": "Pascal Michaillat"
@@ -216,6 +216,8 @@ <h5 id="related-material">Related material</h5>
 </li>
 <li><a href="https://www.brookings.edu/articles/u-%e2%88%9auv-the-full-employment-rate-of-unemployment-in-the-united-states/" target="_blank">Nontechnical summary for Brookings (2024)</a>
 </li>
+<li><a href="https://www.brookings.edu/articles/what-is-the-efficient-rate-of-unemployment/" target="_blank">Podcast with Louise Sheiner from Brookings (2024)</a>
+</li>
 </ul>
 
   </div>

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@@ -11,7 +11,7 @@
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       <title>Modeling Migration-Induced Unemployment</title>

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diff --git a/public/tags/unemployment-gap/index.xml b/public/tags/unemployment-gap/index.xml
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diff --git a/public/tags/unemployment/index.xml b/public/tags/unemployment/index.xml
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