Yesterday, I posted some graphs about underemployment in the EU, mainly to draw people’s attention to this important subject. The main takeaway:Real-World Economics Review Blog
Underemployment is high as well as cyclically sensitive.
And I stated that we should start to incorporate it in macro models. Well, Bill Mitchell and Joan Muysken are already doing this, I discovered. And incorporating underemployment in models turns out to make a large difference....
Bill Mitchell and Joan Muysken on underemployment, macro-modelling and policy
Merijn Knibbe
1 comment:
Professor(s) Mitchell, Muysken have an extremely robust argument.
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