the underemployment rate varies for different subgroups of the labor force. For example, individuals with Ph.Ds enjoy low underemployment rate while individuals with high school diploma or lower usually suffer from a high underemployment rate.[9] References Reference list 1. Jean-Jacques Herings, P. “Underemployment Equilibria”. The New Palgrave Dictionary of Economics. Second Edition. Palgrave Macmillan, 2008. 2. Arrow, Kenneth J.; Block, H. D.; Hurwicz, Leonid. “On the Stability of the Competitive Equilibrium, II”. Econometrica, Vol. 27, No. 1 (Jan., 1959), pp. 82–109 3. Feldman, D. C.. “The nature, antecedents and consequences of underemployment. Journal of Management, 22(3), 385–407. 4. Truman F. Bewley. General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory. Harvard University Press, 2007 5. Erdogan, B., & Bauer, T. N.. “Perceived overqualification and its outcomes: The moderating role of empowerment”. Journal of Applied Psychology, 94(2), 557–565. 6. Felices, G.. “Assessing the Extent of Labour Hoarding”. Bank of England Quarterly Bulletin, 43(2), 198–206. 7. Frank, Robert H.; Bernanke, Ben S. Principles of Macroeconomics (3rd ed.). Boston: McGraw-Hill/Irwin. p. 98. . 8. Shierholz, Heidi; Sabadish, Natalie; Wething, Hilary. “The Class of 2012, Labor market for young graduates remains grim”. Economic Policy Institute Report: Jobs and Unemployment. May 3, 2012. http://www.epi.org/publication/bp340-labor-market-young-graduates/ 9. Economic Policy Institute. Underemployment Rate. http://www.economytrack.org/underemployment.php Keynesian economics Higher education Unemployment