Question: What steady state unemployment rates are implied by the transition probabilities in table 3.1? Table 3.1 Transition probabilities in the U.S. labor force Currently Employed

What steady state unemployment rates are implied by the transition probabilities in table 3.1?

Table 3.1 Transition probabilities in the U.S. labor force Currently Employed 0.9962 Remaining/becoming Black males Employed Unemployed White males Employed Unemployed Unemployed 0.1025 0.8975 0.0038 0.1359 0.8641 0.9978 0.0022

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