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Economic fluctuations in a model with an overlapping structure of employment

Author

Listed:
  • Matsue Toyoki

    (Faculty of Economics, Hiroshima University of Economics, 5-37-1 Gion, Asaminamiku, Hiroshima 731-0192, Japan, and Research Fellow, Graduate School of Economics, Kobe University)

Abstract

This study presents a dynamic general equilibrium model with an explicit employment period and investigates economic fluctuations to a temporary productivity shock. Numerical experiments indicate oscillatory responses of new hiring and employment to the shock which are not observed in a standard flexible price model. The explicit employment period constructs an overlapping structure of employment which results in the oscillatory response. This study also examines the effects of change in employment period to economic fluctuations and shows that the variations in new hiring are higher when the employment period is long.

Suggested Citation

  • Matsue Toyoki, 2021. "Economic fluctuations in a model with an overlapping structure of employment," Economics and Business Review, Sciendo, vol. 7(3), pages 5-15, September.
  • Handle: RePEc:vrs:ecobur:v:7:y:2021:i:3:p:5-15:n:1
    DOI: 10.18559/ebr.2021.3.2
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    More about this item

    Keywords

    economic fluctuations; employment; employment period; oscillatory response;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General

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