Unraveling Unemployment: A Macroeco-Lens Empirical Analysis

Abstract

All countries around the world always aim at achieving three main macroeconomic goals: full employment, high rate of output growth and price stabilization. As they are interconnected with one another, a change in one of those variables can affect the others. This typical scenario was especially the case during the recession in 2008 when output level fell and resultant rise in unemployment rate which subsequently pushed the prices down. As a consequence, discrete use of policy tools seemed to be in need so as not to face undesirable outcomes. Unemployment is one part of the chain which many developing countries are facing these days.