have consistently shown evidences of the existence of hysteresis in employment rates and labor force participation rates …, 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 …

mean duration of unemployment could decrease if an implicit income of unemployment declines or a rate of job offer rises … because a policy to lower an implicit income of unemployment may not secure policy target efficiency …

concord with the fact that young workers confront a relatively high unemployment rate compared to other population groups …

English Abstract: This paper studies the role of unemployment as a feedback variable in monetary policy interest rate … the real sector variable in the feedback rule. We build a DSGE model with sticky prices and wages and unemployment …, estimate the model using Korean data, and compare welfare losses between the rule responding to unemployment and the rule …