Warianty tytułu
Języki publikacji
Abstrakty
This study presents a dynamic general equilibrium model with an explicit employment period and investigates economic fluctuations to a temporary productivity shock. Numerical experiments indicate oscillatory responses of new hiring and employment to the shock which are not observed in a standard flexible price model. The explicit employment period constructs an overlapping structure of employment which results in the oscillatory response. This study also examines the effects of change in employment period to economic fluctuations and shows that the variations in new hiring are higher when the employment period is long. (original abstract)
Czasopismo
Rocznik
Tom
Numer
Strony
5--15
Opis fizyczny
Twórcy
autor
- Hiroshima University of Economics, Hiroshima, Japan
Bibliografia
- Blanchard, O., & Galí, J. (2010). Labor markets and monetary policy: A New Keynesian model with unemployment. American Economic Journal: Macroeconomics, 2(2), 1-30. https://doi.org/10.1257/mac.2.2.1
- Cabo, F., & Martín-Román, A. (2019). Dynamic collective bargaining and labor adjustment costs. Journal of Economics, 126, 103-133. https://doi.org/10.1007/s00712-018-0615-3
- Dufourt, F., Nishimura, K., & Venditti, A. (2015). Indeterminacy and sunspots in two-sector RBC models with generalized no-income-effect preferences. Journal of Economic Theory, 157, 1056-1080. https://doi.org/10.1016/j.jet.2015.03.005
- Faccini, R., & Bondibene, C.R. (2012). Labour market institutions and unemployment volatility: Evidence from OECD countries. (Bank of England Working Paper No.461). https://doi.org/10.2139/ssrn.2137592
- Faia, E., & Rossi, L. (2013). Union power, collective bargaining, and optimal monetary policy. Economic Inquiry, 51(1), 408-427. https://doi.org/10.1111/j.1465-7295.2012.00461.x
- Kolasa, M., Rubaszek, M., & Walerych, M. (2021). Do flexible working hours amplify or stabilize unemployment fluctuations?. European Economic Review, 131, 1036065. https://doi.org/10.1016/j.euroecorev.2020.103605
- Krusell, P., Mukoyama, T., Rogerson, R., & Şahin, A. (2020). Gross worker flows and fluctuations in the aggregate labor market. Review of Economic Dynamics, 37, S205-S226. https://doi.org/10.1016/j.red.2020.06.010
- Mandelman, F.S., & Zanetti, F. (2014). Flexible prices, labor market frictions and the response of employment to technology shocks. Labour Economics, 26, 94-102. https://doi.org/10.1016/j.labeco.2013.11.004
- Matsue, T. (2018). Fixed-term contracts as a source of labour demand fluctuations. Applied Economics Letters, 25(9), 611-614. https://doi.org/10.1080/13504851.2017.1352070
- Mumtaz, H., & Zanetti, F. (2016). The effect of labor and financial frictions on aggregate fluctuations. Macroeconomic Dynamics, 20, 313-341. https://doi.org/10.1017/S1365100514000406
- Shapiro, A.F., & Olivero, M.P. (2020). Lending relationships and labor market dynamics. European Economic Review, 127, 103475. https://doi.org/10.1016/j.euroecorev.2020.103475
- Zipperer, B., & Skott, P. (2011). Cyclical patterns of employment, utilization, and profitability. Journal of Post Keynesian Economics, 34(1), 25-58. https://doi.org/10.2753/PKE0160-3477340102
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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