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Life-Cycle Search, Match Quality and Japan's Labor Flow

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  • Julen ESTEBAN-PRETEL
  • FUJIMOTO Junichi

Abstract

The Japanese labor market displays U-shaped unemployment and separation rates, and declining job-finding rates as workers age. Traditional infinite horizon search models of the labor market cannot account for such patterns. We develop a life-cycle search and matching model that features random match quality and incorporates elements capturing several main characteristics of the Japanese labor market. We show that the model, calibrated for Japan, replicates the life-cycle properties of the data. Our model, following an empirically plausible productivity drop, produces changes in the steady state levels of the unemployment and finding rates similar in magnitude to those observed in Japan since the 1980s.

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File URL: http://www.rieti.go.jp/jp/publications/dp/11e041.pdf
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Bibliographic Info

Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 11041.

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Length: 29 pages
Date of creation: Apr 2011
Date of revision:
Handle: RePEc:eti:dpaper:11041

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  1. Arnaud Ch�ron & Jean-Olivier Hairault & Fran�ois Langot, 2013. "Life-Cycle Equilibrium Unemployment," Journal of Labor Economics, University of Chicago Press, vol. 31(4), pages 843 - 882.
  2. Julen ESTEBAN-PRETEL & NAKAJIMA Ryo & TANAKA Ryuichi, 2009. "TFP Growth Slowdown and the Japanese Labor Market in the 1990s," Discussion papers 09003, Research Institute of Economy, Trade and Industry (RIETI).
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Cited by:
  1. Bonthuis, Boele & Jarvis, Valerie & Vanhala, Juuso, 2013. "What’s going on behind the euro area Beveridge curve(s)?," Working Paper Series 1586, European Central Bank.

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