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Labor market fluctuations in Japan and the U.S.--how similar are they?

  • Hesna Genay
  • Prakash Loungani

This article examines the sources of fluctuations in Japanese and U.S. labor markets. Despite the differences in the structures of the two labor markets, the authors find that unemployment and vacancies respond similarly to aggregate shocks. However, different shocks appear to be important in explaining fluctuations in the two labor markets.

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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (1997)
Issue (Month): May ()
Pages: 15-28

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Handle: RePEc:fip:fedhep:y:1997:i:may:p:15-28:n:v.21no.3
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  1. Long, John B, Jr & Plosser, Charles I, 1987. "Sectoral vs. Aggregate Shocks in the Business Cycle," American Economic Review, American Economic Association, vol. 77(2), pages 333-36, May.
  2. Reva Krieger, 1989. "Sectoral and aggregate shocks to industrial output in Germany, Japan and Canada," Finance and Economics Discussion Series 75, Board of Governors of the Federal Reserve System (U.S.).
  3. Lawrence J. Christiano & Martin Eichenbaum, 1992. "Liquidity effects and the monetary transmission mechanism," Staff Report 150, Federal Reserve Bank of Minneapolis.
  4. Faust, Jon & Leeper, Eric M, 1997. "When Do Long-Run Identifying Restrictions Give Reliable Results?," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(3), pages 345-53, July.
  5. S. Lael Brainard & David M. Cutler, 1990. "Sectoral Shifts and Cyclical Unemployment Reconsidered," NBER Working Papers 3491, National Bureau of Economic Research, Inc.
  6. Brunello, G., 1989. "Hysteresis And The Japanese Unemployment Problem: A Preliminary Investigation," Papers 330, London School of Economics - Centre for Labour Economics.
  7. Loungani, Prakash & Rush, Mark & Tave, William, 1990. "Stock market dispersion and unemployment," Journal of Monetary Economics, Elsevier, vol. 25(3), pages 367-388, June.
  8. Toledo, Wilfredo & Marquis, Milton H, 1993. "Capital Allocative Disturbances and Economic Fluctuations," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 233-40, May.
  9. Kenneth Rogoff, 1991. "Oil, productivity, government spending and the real yen-dollar exchange rate," Pacific Basin Working Paper Series 91-06, Federal Reserve Bank of San Francisco.
  10. Martin Eichenbaum & Charles L. Evans, 1993. "Some Empirical Evidence on the Effects of Monetary Policy Shocks on Exchange Rates," NBER Working Papers 4271, National Bureau of Economic Research, Inc.
  11. Ramon Moreno & Sun Bae Kim, 1993. "Money, interest rates and economic activity: stylized facts for Japan," Economic Review, Federal Reserve Bank of San Francisco, pages 12-24.
  12. Strongin, Steven, 1995. "The identification of monetary policy disturbances explaining the liquidity puzzle," Journal of Monetary Economics, Elsevier, vol. 35(3), pages 463-497, June.
  13. Tachibanaki, Toshiaki & Sakurai, Kojiro, 1991. "Labour supply and unemployment in Japan," European Economic Review, Elsevier, vol. 35(8), pages 1575-1587, December.
  14. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbance," Working papers 497, Massachusetts Institute of Technology (MIT), Department of Economics.
  15. Ramon Moreno, 1992. "Are the forces shaping business cycles alike? the evidence from Japan," Pacific Basin Working Paper Series 92-10, Federal Reserve Bank of San Francisco.
  16. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
  17. Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 1994. "The effects of monetary policy shocks: evidence from the Flow of Funds," Working Paper Series, Macroeconomic Issues 94-2, Federal Reserve Bank of Chicago.
  18. Etsuro Shioji, 1997. "Identifying monetary policy shocks in Japan," Economics Working Papers 216, Department of Economics and Business, Universitat Pompeu Fabra.
  19. Taylor, John B., 1989. "Differences in economic fluctuations in Japan and the United States: The role of nominal rigidities," Journal of the Japanese and International Economies, Elsevier, vol. 3(2), pages 127-144, June.
  20. Stuart E. Weiner, 1987. "Why is Japan's unemployment rate so low and so stable?," Economic Review, Federal Reserve Bank of Kansas City, issue Apr, pages 3-18.
  21. Loungani, Prakash, 1986. "Oil Price Shocks and the Dispersion Hypothesis," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 536-39, August.
  22. Campbell, J.R. & Kuttner, K.N., 1996. "Macroeconomic Effects of Employment Reallocation," RCER Working Papers 415, University of Rochester - Center for Economic Research (RCER).
  23. Oliver Jean Blanchard & Peter Diamond, 1989. "The Beveridge Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1), pages 1-76.
  24. Christopher A. Sims, 1992. "Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy," Cowles Foundation Discussion Papers 1011, Cowles Foundation for Research in Economics, Yale University.
  25. Prakash Loungani & Bharat Trehan, 1997. "Explaining unemployment: sectoral vs aggregate shocks," Economic Review, Federal Reserve Bank of San Francisco, pages 3-15.
  26. Hamada, Koichi & Kurosaka, Yoshio, 1986. "Trends in Unemployment, Wages and Productivity: The Case of Japan," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages S275-96, Supplemen.
  27. Rissman, Ellen R., 1993. "Wage growth and sectoral shifts : Phillips curve redux," Journal of Monetary Economics, Elsevier, vol. 31(3), pages 395-416, June.
  28. Hutchison, Michael M., 1993. "Structural change and the macroeconomic effects of oil shocks: empirical evidence from the United States and Japan," Journal of International Money and Finance, Elsevier, vol. 12(6), pages 587-606, December.
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