increasing unemployment, and that the effects of industrial restructuring were even greater during the economic downturn. In …

extended unemployment (U6 and the underemployed), main determinants of real marginal cost (real wage, unit labor cost, and … labor share of income), and some labor-flow indicators (Shimer's (2012) conditional steady-state unemployment, BSI (labor … the official unemployment rate, do not improve the model's forecasting performance significantly when compared with the …

, but not in unemployment rates. We attribute such inconsistency to persons marginally attached to the labor force and … persons employed part time for economic reasons. Therefore, we construct extended measures for unemployment from 2003 to 2013 … that the alternative measures of unemployment rates support the existence of hysteresis in the Korean labor market, which …