labour rather than worker characteristics is the main reason for pervasive underemployment. Integration into the global …

in their unemployment rate and not a decline in labour force participation rate. Policymakers should take account of …

economy permanently operates below capacity due to both structural unemployment and underemployment. The latter is a direct … explain movements of unemployment and underemployment in opposite directions. Finally, we show that uctuations in the total … employment gap under stagnation are primarily driven by uctuations in underemployment instead of structural unemployment. Our …