unemployment. Spells of involuntary part-time work are different from unemployment spells: a full-time worker who takes on a part … unemployment risk alongside an additional risk of involuntary part-time employment. A calibration of the model consistent with U … unemployment. This finding relies critically on the much higher probability to return to full-time employment from part-time work …

reverse transition probability. We compare the dynamics of unemployment and involuntary part-time employment to argue that … they reflect the operation of distinct labor-adjustment channels. While unemployment dynamics are driven by movements in …