Unemployment, underemployment, and secular stagnation in a small open economy

Hashimoto, Ken-ichi; Ono, Yoshiyasu; Schlegl, Matthias

Unemployment, underemployment, and secular stagnation in a small open economy

Hashimoto, Ken-ichi; Ono, Yoshiyasu; Schlegl, Matthias

Institute of Social and Economic Research Discussion Papers, 2025, 1285, 1-30

アクセス数:192件（2026-02-16 23:03 集計）

固定URL: https://hdl.handle.net/11094/101310

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タイトル	Unemployment, underemployment, and secular stagnation in a small open economy
著者	NRID 1000070403219 1000070403219 著者名 Hashimoto, Ken-ichi
	NRID 1000070130763 1000070130763 著者名 Ono, Yoshiyasu
	NRID 1000050844982 1000050844982 著者名 Schlegl, Matthias
キーワード等	unemployment
	labor market frictions
	underemployment
	secular stagnation
	open economy
JEL分類コード (JEL)	E24
	F31
	F41
抄録	In this paper, we develop a small open economy model of secular stagnation that allows for both unemployment and underemployment. While unemployment results from the standard search and matching friction, underemployment in the form of an involuntary shortfall of working hours occurs under stagnation when households have a strong desire to save in the form of insatiable liquidity preferences. This secular stagnation equilibrium is characterized by persistent deflation and aggregate demand shortage. In this steady state, an improvement in the terms of trade reduces global demand for domestic products and lowers working hours, thereby exacerbating deflation and decreasing consumption and aggregate demand. Consequently, firm profits fall and unemployment worsens. These results are in sharp contrast to the case of a non-stagnant economy, where an improvement in the terms of trade increases consumption without affecting the employment rate.
出版者	The Institute of Social and Economic Research, The University of Osaka
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1285
ページ	1-30
刊行年月	2025-05
言語	英語
ハンドルURL	https://hdl.handle.net/11094/101310
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/DP1285.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2025, 1285, p. 1-30
DC.title	Unemployment, underemployment, and secular stagnation in a small open economy
DC.creator	Hashimoto, Ken-ichi
	Ono, Yoshiyasu
	Schlegl, Matthias
DC.publisher	The Institute of Social and Economic Research, The University of Osaka
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2025-05
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/DP1285.pdf
DC.subject	unemployment
	labor market frictions
	underemployment
	secular stagnation
	open economy
DCTERMS.abstract	In this paper, we develop a small open economy model of secular stagnation that allows for both unemployment and underemployment. While unemployment results from the standard search and matching friction, underemployment in the form of an involuntary shortfall of working hours occurs under stagnation when households have a strong desire to save in the form of insatiable liquidity preferences. This secular stagnation equilibrium is characterized by persistent deflation and aggregate demand shortage. In this steady state, an improvement in the terms of trade reduces global demand for domestic products and lowers working hours, thereby exacerbating deflation and decreasing consumption and aggregate demand. Consequently, firm profits fall and unemployment worsens. These results are in sharp contrast to the case of a non-stagnant economy, where an improvement in the terms of trade increases consumption without affecting the employment rate.
DC.format	101310
citation_title	Unemployment, underemployment, and secular stagnation in a small open economy
citation_author	Hashimoto, Ken-ichi
	Ono, Yoshiyasu
	Schlegl, Matthias
citation_publisher	The Institute of Social and Economic Research, The University of Osaka
citation_language	英語
citation_date	2025-05
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1285
citation_firstpage	1
citation_lastpage	30
citation_public_url	https://hdl.handle.net/11094/101310
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/DP1285.pdf

Unemployment, underemployment, and secular stagnation in a small open economy

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