Cyclical behavior of unemployment and job vacancies in Japan
AbstractThis paper studies whether the Mortensen and Pissarides (MP) search and matching model can explain the observed labor market fluctuations in Japan. To do this, this study first establishes a number of key facts about the cyclical properties of the Japanese labor market. Although the standard MP model correctly predicts the observed regularities in the cyclical fluctuations of unemployment and job vacancies, it cannot generate the observed unemployment and vacancy fluctuations in response to productivity shock of reasonable size. This paper extends the matching model by incorporating firm-specific training costs whose role is emphasized in the Japanese labor market. Relative to the standard MP model, the extended model generates larger cyclical fluctuations in unemployment and job vacancies. However, it still falls short of what observed in the Japanese data.
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Bibliographic InfoArticle provided by Elsevier in its journal Japan and the World Economy.
Volume (Year): 23 (2011)
Issue (Month): 3 ()
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Web page: http://www.elsevier.com/locate/inca/505557
Search; Matching; Business cycles; Japanese labor market;
Other versions of this item:
- Hiroaki Miyamoto, 2009. "Cyclical Behavior of Unemployment and Job Vacancies in Japan," Working Papers EMS_2009_17, Research Institute, International University of Japan.
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
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- Cardullo, Gabriele & Guerrazzi, Marco, 2013. "The Cyclical Volatility of Equilibrium Unemployment and Vacancies: Evidence from Italy," MPRA Paper 51726, University Library of Munich, Germany.
- Ching-Yang Lin & Hiroaki Miyamoto, 2012.
"Estimating a Search and Matching Model of the Aggregate Labor Market in Japan,"
CIRJE-F-850, CIRJE, Faculty of Economics, University of Tokyo.
- Ching-Yang Lin & Hiroaki Miyamoto, 2013. "Estimating a Search and Matching Model of the Ag-gregate Labor Market in Japan," Working Papers EMS_2013_09, Research Institute, International University of Japan.
- Ching-Yang Lin & Hiroaki Miyamoto, 2010.
"Gross Worker Flows and Unemployment Dynamics in Japan,"
EMS_2010_07, Research Institute, International University of Japan.
- Lin, Ching-Yang & Miyamoto, Hiroaki, 2012. "Gross worker flows and unemployment dynamics in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 26(1), pages 44-61.
- Pedro S. Amaral & Murat Tasci, 2012.
"The cyclical behavior of equilibrium unemployment and vacancies across OECD countries,"
1236, Federal Reserve Bank of Cleveland.
- Murat Tasci & Pedro Amaral, 2013. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies Across OECD Countries," 2013 Meeting Papers 450, Society for Economic Dynamics.
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