Cyclical unemployment
Cyclical unemployment is unemployment closely tied to the business cycle, like higher unemployment during a recession.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Cyclical unemployment. Unemployment closely tied to the business cycle, like higher unemployment during a recession.
According to Macroeconomics by Mankiw (7th edition),
- Cyclical unemployment. The unemployment associated with short-run economic fluctuations; the deviation of the unemployment rate from the natural rate.