Traditional measures of unemployment can mask important changes in the labor market across time. We therefore use broader definitions of unemployment to estimate time-varying job-matching efficiency rates that are consistent with vacancies and hiring activity data for the U.S. Our efficiency rates are then modelled along with employment data to study their dynamic, non-linear relationship. We find that including marginally attached workers and part-time workers for economic reasons helps explain the changes in employment patterns observed after the global financial crisis. This finding emphasizes the importance of accounting for labor underutilization, particularly during the latest economic recovery.

传统的失业率衡量方法可能会掩盖一段时间内劳动力市场的重要变化。因此，我们使用更广泛的失业定义来估计与美国职位空缺和招聘活动数据一致的时变工作匹配效率。然后，将效率与就业数据一起建模，以研究其动态，非线性关系。我们发现，由于经济原因而包括处于边缘地位的工人和兼职工人有助于解释全球金融危机之后观察到的就业模式的变化。这一发现强调了对劳动力利用不足进行会计处理的重要性，尤其是在最近的经济复苏期间。