01825cas a2200265 a 4500 AALejournalIMF015790 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513508344 1018-5941 BD-DhAAL BD-DhAAL Hansen, Niels-Jakob. Labor Market Slack and the Output Gap : The Case of Korea / Niels-Jakob Hansen, Joannes Mongardini, Fan Zhang. Washington, D.C. : International Monetary Fund, 2019. 1 online resource (23 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Output gap estimates are widely used to inform macroeconomic policy decisions, including in Korea. The main determinant of these estimates is the measure of labor market slack. The traditional measure of unemployment in Korea yields an incomplete estimate of labor market slack, given that many workers prefer involuntary part-time jobs or leaving the labor force rather than registering as unemployed. This paper discusses a way in which the measure of unemployment can be broadened to yield a more accurate measure of labor market slack. This broader measure is then used to estimate the output gap using a multivariate filter, yielding a more meaningful measure of the output gap. Mode of access: Internet Mongardini, Joannes. Zhang, Fan. IMF Working Papers; Working Paper ; No. 2019/167 Full text available on IMF http://elibrary.imf.org/view/journals/001/2019/167/001.2019.issue-167-en.xml IMF e-Library