economy permanently operates below capacity due to both structural unemployment and underemployment. The latter is a direct … demand and supply shocks are opposite to those of the standard case and result in a co-movement of unemployment and … explain movements of unemployment and underemployment in opposite directions. Finally, we show that uctuations in the total …

economy permanently operates below capacity due to both structural unemployment and underemployment. The latter is a direct … demand and supply shocks are opposite to those of the standard case and result in a co-movement of unemployment and … explain movements of unemployment and underemployment in opposite directions. Finally, we show that fluctuations in the total …

. If unemployment appears, however, home employment and consumption per capita decrease. …

. If unemployment appears, however, home employment and consumption per capita decrease. …

those who repay the debt if prices and wages are fixed and unemployment occurs in the periods in which public bonds are …

absence, and the presence, of unemployment. For example, a child allowance urges people to have more children and allocate … employment, it decreases per capita consumption. In the presence of unemployment, however, it reduces the deflationary gap and …

. If unemployment appears, however, home employment and consumption per capita decrease. …

. If unemployment appears, however, home employment and consumption per capita decrease. …