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\author{\bf Ray Makondo\ \bf Reg Number:M121549}
\title{Great Zimbabwe University\ Faculty of Commerce\ Department of Economics\\begin{flushleft}
MODELLING THE RELATIONSHIP BETWEEN UNEMPLOYMENT AND INFLATION IN ZIMBABWE FROM 1980-2014
\end{flushleft}}
\begin{document}
\maketitle
\tableofcontents
\newpage
\chapter{Introduction and Background}
\section{Indroduction}
One of the fundamental objectives of nations if many is to sustain low level of unemployment as well as inflation.The costs related with inflation are of major economic interest since they determine the level of economic performance of a nation.\[0.2cm]
The question as to whether the objective of policy makers is to stabilise inflation or to minimise the level of unemployment rests on whether the Central Bank is autonomous or whether the government officials have some degree of influence in activities of Central bank.\
[0.2cm]
\nocite{Abel2008} Abel and Bernanke (2008), point out that unemployment and inflation-sometimes referred as the \lq\lq twin evil\rq\rq of macroeconomics are among the most difficult and politically sensitive economic issues that policy makers face.\
[0.2cm]
The size of labour force is determined from surveys. That is the labour force consist of people who respond that they are unemployed as well as those who say they are employed.\
[0.2cm]
Unemployment according to\nocite{Dornbusch2011} Dornbush (2011) are number of people surveyed, who are out of work and have been actively looking for work during the previous four weeks or two weeks and those waiting to be recalled to a job after having been laid off.\
[0.2cm]
According to International Labour Organisation (ILO), unemployed are those who either are out of work, want a job,have actively sought work in the last four weeks and are available to start work in the next two weeks or have found a job and are waiting to start it in the next two weeks.\
[0.2cm]
There are three main types of unemployment which are, cyclical or demand -deficiency unemployment, frictional unemployment and structural unemployment.\
[0.2cm]
Frictional unemployment is short term unemployment that arises from the process of maintaining workers with jobs, while structural unemployment arises from a persistent mismatch between the job skills or attributes of workers and requirements of jobs (Hubbard and O'Brien,2013)\
[0.2cm]
\nocite{SlomanJAlisonWride2012} Slowman (2012) defines cyclical or seasonal unemployment occurs when the demand for certain types of labour fluctuates within the seasons of year, this can usually happen in Agriculture sector.\
[0.2cm]
Inflation relates to the rate at which the prices of all domestically produced goods and services are changing (Sloman et al,2012) It is calculated by the formula:
$$\pi_t=\frac{P_t-P_{t-1}}{P_{t-1}}\times{100}$$
\section{Background of the study}
In 1958 Professor A.W Phillips of London School of Economics demonstrated that there was a strong statistical relationship between the annual inflation and annual unemployment rate in the United Kingdom (Begg et al,1991)\
[0.2cm]
The Phillips curve shows that the higher inflation rate is accompanied by a lower unemployment rate and vice-versa. It suggests that we can trade off more inflation for less unemployment or more unemployment for less inflation.\
\bibliographystyle{apalike}
\bibliography{citations}
\end{document}
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