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Long-run matching relationship in the Japanese labor market

Author

Listed:
  • Shigeki Kano
  • Makoto Ohta

Abstract

This paper investigates the long-run relationship among new hiring, unemployment (job seekers), and unfilled vacancies in Japan, using an annual panel data on 47 prefectures for 1972-1999. We find that these three variables are I(1) processes, and are cointegrated in our panel data. Further, we estimate the panel cointegration equation derived from a Cobb-Douglas matching function by the heterogeneous fully modified OLS and heterogeneous dynamic OLS. The estimation results reveal that conventional within estimates could have non-negligible biases. Copyright Springer-Verlag 2004

Suggested Citation

  • Shigeki Kano & Makoto Ohta, 2004. "Long-run matching relationship in the Japanese labor market," Empirical Economics, Springer, vol. 29(4), pages 921-937, December.
    • Handle: RePEc:spr:empeco:v:29:y:2004:i:4:p:921-937
    DOI: 10.1007/s00181-004-0208-6
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    Citations

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    Cited by:

    1. Sheng, Yu & Xu, Xinpeng, 2011. "Real exchange rate, productivity and labor market frictions," Journal of International Money and Finance, Elsevier, vol. 30(3), pages 587-603, April.
    2. Woong Lee, 2017. "Trade Liberalization and the Aggregate Matching Function in India," Asian Economic Papers, MIT Press, vol. 16(1), pages 120-137, Winter/Sp.
    3. Yu Sheng & Xinpeng Xu, 2009. "Real Exchange Rate, Productivity and Labor Market Rigidities," Working Papers 092009, Hong Kong Institute for Monetary Research.

    More about this item

    Keywords

    Matching function; Japanese labor market; panel cointegration analysis; C23; E24; J41; J60;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General

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