“Racial Gaps in Labor Market Outcomes in the Last Four Decades and over the Business Cycle,” Finance and Economics Discussion Series 2017-071. Washington: Board of Governors of the Federal Reserve System, June, https://www.federalreserve.gov/econres/feds/files/2017071pap.pdf. Campbell, Jeffrey R., Charles L. Evans, Jonas D.M. Fisher, and Alejandro Justiniano (2012). “Macroeconomic Effects of Federal Reserve Forward Guidance,” Brookings Papers on Economic Activity, Spring, pp. 1–80, https://www.brookings.edu/wp-content/uploads/2012/03/2012a_Evans.pdf.
Overall, this indicator constitutes a basic quantitative benchmark against which to assess the degree of economic development of a country.