Re: Re: query: "pool of available workers"

[Doug Henwood <dhenwood@xxxxxxxxx>]

Mathew Forstater wrote:

> A colleague just told me this morning that they heard a talk by an economist
> from Bank of America that used the same exact notion.  Do they have a web
> site?  If so, maybe there's something there.  If you find out, please post
> it to the list. Thanks, Mat p.s. what "business press" are you talking
> about?
>
> -----Original Message-----
> From: Jim Devine <jdevine@xxxxxxxxxxxxxxx>
> To: pen-l@xxxxxxxxxxxxxxxxxxx <pen-l@xxxxxxxxxxxxxxxxxxx>
> Date: Wednesday, December 08, 1999 1:41 PM
> Subject: [PEN-L:14455] query: "pool of available workers"
>
>
>  >The business press indicates that Alan Greenspan and the Fed (sounds like a
>  >rockgroup, doesn't it?) are now using something called the "pool of
>  >available workers" rather than (or in addition to) the standard
>  >unemployment rate in making decisions about monetary policy.
>  >
>  >how is the "pool of available workers" measured?
>  >
>  >where can I find a time-series of this measure?

Basically it's 1 minus the employment/pop ratio. Greenspan is also
using the unemployment rate plus "not in labor force - want job now."


Doug