Structural unemployment, underemployment, and secular stagnation

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

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論文情報

タイトル	Structural unemployment, underemployment, and secular stagnation
著者	Hashimoto, Ken-ichi Hashimoto, Ken-ichi
	Ono, Yoshiyasu Ono, Yoshiyasu
	Schlegl, Matthias Schlegl, Matthias
キーワード等	demand shortage
	unemployment
	underemployment
	labor market frictions
	secular stagnation
抄録	We introduce a preference for wealth into the standard search and matching model to analyze the labor market when there is persistent demand shortage. We show that, under some conditions, a secular stagnation steady state exists in which the economy permanently operates below capacity due to both structural unemployment and underemployment. The latter is a direct consequence of the lack of aggregate demand. Our findings are as follows. In the absence of demand shortage, the preference for wealth creates a new transmission channel for shocks and policy measures due to induced changes in the real interest rate, in addition to the job creation channel of the standard matching model. Turning to the stagnation equilibrium, the eects of demand and supply shocks are opposite to those of the standard case and result in a co-movement of unemployment and underemployment. In contrast, the eects of wage and cost shocks depend on the degree of aggregate demand shortage, but they can 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 analysis helps to understand why the unemployment rate in Japan has been surprisingly low during its lost decades and highlights the need for further policy interventions in support of aggregate demand despite a seemingly decent employment record.
公開者	The Institute of Social and Economic Research, Osaka University
掲載誌名	Institute of Social and Economic Research Discussion Papers
巻	1088
開始ページ	1
終了ページ	49
刊行年月	2020-05
URL	http://hdl.handle.net/11094/75952
関連情報 (references)	http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1088.pdf
言語	英語
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP

著者版フラグ	none
NII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.1088 P.1-P.49
DC.title	Structural unemployment, underemployment, and secular stagnation
DC.creator	Hashimoto, Ken-ichi
	Ono, Yoshiyasu
	Schlegl, Matthias
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2020-05
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/75952
DC.subject	demand shortage
	unemployment
	underemployment
	labor market frictions
	secular stagnation
DCTERMS.abstract	We introduce a preference for wealth into the standard search and matching model to analyze the labor market when there is persistent demand shortage. We show that, under some conditions, a secular stagnation steady state exists in which the economy permanently operates below capacity due to both structural unemployment and underemployment. The latter is a direct consequence of the lack of aggregate demand. Our findings are as follows. In the absence of demand shortage, the preference for wealth creates a new transmission channel for shocks and policy measures due to induced changes in the real interest rate, in addition to the job creation channel of the standard matching model. Turning to the stagnation equilibrium, the eects of demand and supply shocks are opposite to those of the standard case and result in a co-movement of unemployment and underemployment. In contrast, the eects of wage and cost shocks depend on the degree of aggregate demand shortage, but they can 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 analysis helps to understand why the unemployment rate in Japan has been surprisingly low during its lost decades and highlights the need for further policy interventions in support of aggregate demand despite a seemingly decent employment record.
citation_title	Structural unemployment, underemployment, and secular stagnation
citation_author	Hashimoto, Ken-ichi
	Ono, Yoshiyasu
	Schlegl, Matthias
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2020-05
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1088
citation_firstpage	1
citation_lastpage	49
citation_public_url	http://hdl.handle.net/11094/75952
citation_keywords	demand shortage
	unemployment
	underemployment
	labor market frictions
	secular stagnation

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