This paper develops a model of the firm with a fixed labour pool of heterogeneous workers. The first objective is to explain the difference between Japan and North America in the adjustment of labour in a recession. The Japanese adjustment -- intra-firm transfers rather than layoffs -- can be explained by large direct layoff costs of high-skilled workers, relatively small unemployment benefits and small direct transfer costs. The second objective is to investigate the relationship between work-sharing and layoffs.
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Paper provided by Queen's University, Department of Economics in its series Working Papers with number
565.