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 …

employment gap under stagnation are primarily driven by fluctuations 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 fluctuations in the total …

In this paper, we show that underemployment and not necessarily high unemployment becomes the main measure of economic … slack under secular stagnation. Specifically, persistent underemployment occurs in the search and matching model, provided … and cost shocks can explain movements of unemployment and underemployment in opposite directions, while demand and supply …

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 …

employment gap under stagnation are primarily driven by fluctuations 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 fluctuations in the total …