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Estimating a Search and Matching Model of the Aggregate Labor Market in Japan

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Author Info

  • Ching-Yang Lin

    (Graduate School of International Relations, International University of Japan)

  • Hiroaki Miyamoto

    (Graduate School of International Relations, International University of Japan)

Abstract

This paper studies how well a search and matching model can describe aggregate Japanese labor market dynamics in a full information setting. We develop a discrete- time search and matching model with productivity and separation shocks and use it as a data-generating process for our empirical analysis. Using Bayesian methods, we estimate the model for data on unemployment and vacancy postings in Japan. We Â…nd that the model is successful in matching the volatility in unemployment and vacancies while it does not match the volatility of output and wages. We also Â…nd that both productivity and separation shocks contribute to movements in unemployment and vacancies, but productivity shocks more so.

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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-850.

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Length: 22 pages
Date of creation: Apr 2012
Date of revision:
Handle: RePEc:tky:fseres:2012cf850

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  1. Christopher A. Pissarides, 2000. "Equilibrium Unemployment Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161877, November.
  2. Marcus Hagedorn & Iourii Manovskii, 2007. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited," IEW - Working Papers 351, Institute for Empirical Research in Economics - University of Zurich.
  3. Barbara Petrongolo & Christopher A. Pissarides, 2000. "Looking Into the Black Box: A Survey of the Matching Function," CEP Discussion Papers dp0470, Centre for Economic Performance, LSE.
  4. 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.
  5. Julen ESTEBAN-PRETEL & NAKAJIMA Ryo & TANAKA Ryuichi, 2011. "Japan's Labor Market Cyclicality and the Volatility Puzzle," Discussion papers 11040, Research Institute of Economy, Trade and Industry (RIETI).
  6. Krause, M.U. & Lubik, T.A., 2003. "The (Ir)relevance of Real Wage Rigidity in the New Keynesian Model with Search Frictions," Discussion Paper 2003-113, Tilburg University, Center for Economic Research.
  7. Miyamoto, Hiroaki, 2011. "Cyclical behavior of unemployment and job vacancies in Japan," Japan and the World Economy, Elsevier, vol. 23(3), pages 214-225.
  8. John P Martin, 1998. "What Works Among Active Labour Market Policies: Evidence from OECD Countries' Experiences," RBA Annual Conference Volume, in: Guy Debelle & Jeff Borland (ed.), Unemployment and the Australian Labour Market Reserve Bank of Australia.
  9. Robert E. Hall, 2005. "Employment Fluctuations with Equilibrium Wage Stickiness," American Economic Review, American Economic Association, vol. 95(1), pages 50-65, March.
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Blog mentions

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  1. Estimating a Search and Matching Model of the Aggregate Labor Market in Japan
    by Christian Zimmermann in NEP-DGE blog on 2012-05-04 21:26:06

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