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International Trade committee  Full employment.

May 1st, 2012Committee meeting

Shenjie Chen

International Trade committee  Full employment means everybody is employed, all the labour.

May 1st, 2012Committee meeting

Shenjie Chen

May 1st, 2012Committee meeting

Shenjie Chen

International Trade committee  No, we didn't make that assumption.

May 1st, 2012Committee meeting

Shenjie Chen

May 1st, 2012Committee meeting

Shenjie Chen

International Trade committee  The reason is that trade agreements take time to implement, usually about ten years' time. With negotiations plus implementation, maybe it's more than ten years. Over a ten-year period, it's very hard to make assumptions about employment. That's the international norm. We assume

May 1st, 2012Committee meeting

Shenjie Chen

International Trade committee  We usually assume full employment to be something around 4% to 5% unemployment. That's the normal range of the unemployment rate.

May 1st, 2012Committee meeting

Shenjie Chen

International Trade committee  The normal range is 4% to 5% in an economy, and that's the range we believe is full employment.

May 1st, 2012Committee meeting

Shenjie Chen