employment gap under stagnation are primarily driven by uctuations in underemployment instead of structural unemployment. Our … 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 …

and constant demand, the rate of unemployment of educated workers in the domestic labor market will increase. Thus, the … prospect of employment abroad causes involuntary "educated unemployment" at home. A government that is concerned about … "educated unemployment" and might therefore be expected to encourage unemployed educated people to migrate will nevertheless …

and constant demand, the rate of unemployment of educated workers in the domestic labor market will increase. Thus, the … prospect of employment abroad causes involuntary "educated unemployment" at home. A government that is concerned about … "educated unemployment" and might therefore be expected to encourage unemployed educated people to migrate will nevertheless …

endogenous firing as well as a short-time work decision. In recessions, short-time work reduces the unemployment risk of workers … replacement rate can be more effective compared to an increase of the unemployment benefit replacement rate. …

recessions. First, we show that the consumption risk of short-time work is considerably smaller compared to unemployment using … frictions featuring an endogenous firing and short-time work decision. In recessions, short-time work reduces the unemployment …