The non-accelerating inflation rate of unemployment (NAIRU) is not directly observable and the presence of informal … not depict labor slack properly, as it has the wage flexibility needed to incorporate formal workers that cannot find a … includes informality as an indicator of labor underutilization. We find that both measures of NAIRU and the associated labor …

We construct a theoretical model of labor markets with human capital accumulation to understand and quantify the … earnings losses for young workers generated by unemployment: unemployment represents time forgone in terms of human capital … downturn, as documented in the empirical literature. At the aggregate level, the framework delivers youth unemployment rates …