Fully anticipated monetary policy actions cannot alter either the rate of unemployment or the level of real GDP. This statement is policy irrelevance.
When someone is actively looking for work and is considered to be employable, they are said to be unemployed. People in the workforce who are employed but do not have suitable jobs are included in this group.
The OECD defines unemployment as those over a certain age who are currently available for work but are not currently employed or self-employed. The number of jobless persons as a percentage of the labor force is used to calculate the unemployment rate, which is used to calculate the level of unemployment.
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