That is, the natural rate of unemployment is about 6.06%. Economists put the natural rate between 5 to 6%, although in the recent past in the United States the actual rate has been much below this rate.
Log Hyperbola or Logarithmic Reciprocal Model
We conclude our discussion of reciprocal models by considering the logarithmic reciprocal model, which takes the following form:
Its shape is as depicted in Figure 6.10. As this figure shows, initially Y increases at an increasing rate (i.e., the curve is initially convex) and then it increases at a decreasing rate (i.e., the curve becomes concave).22 Such a
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