Hashimoto, Ken'ichi; Ono, Yoshiyasu; Schlegl, Matthias - 2020
employment gap under stagnation are primarily driven by fluctuations in underemployment instead of structural unemployment. Our … economy permanently operates below capacity due to both structural unemployment and underemployment. The latter is a direct … demand and supply shocks are opposite to those of the standard case and result in a co-movement of unemployment and …