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Time Discount and Convex Hiring Cost

  • Yokota, Koji

When rebargaining on wages is allowed after the worker-firm match is formed, search equilibrium with multiple hiring does not necessarily exhausts labor resources when hiring cost is convex. The level of output depends on the time discount factor of the consumer. Properties of the resulting demand-driven business cycles are studied using periodic steady state technique with comparison with the productivity cycles. Wage rate generally exhibits phase shift against marginal productivity for discount factor fluctuation in contrast to the synchronization of the productivity cycle case.

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File URL: http://barrel.ih.otaru-uc.ac.jp/bitstream/10252/4850/4/DP_no147.pdf
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Paper provided by Otaru University of Commerce in its series ビジネス創造センターディスカッション・ペーパー (Discussion papers of the Center for Business Creation) with number 10252/4850.

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Length: 32 pages
Date of creation: Apr 2012
Date of revision:
Publication status: Published in Discussion paper series (2012), 147: 1-32
Handle: RePEc:ota:busdis:10252/4850
Contact details of provider: Postal: 3-5-21 Midori, Otaru, 047-8501
Web page: http://www.otaru-uc.ac.jp/dept/econ/

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  1. Canova, Fabio, 1998. "Detrending and business cycle facts," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 475-512, May.
  2. Blatter, Marc & Muehlemann, Samuel & Schenker, Samuel, 2012. "The costs of hiring skilled workers," European Economic Review, Elsevier, vol. 56(1), pages 20-35.
  3. Eran Yashiv, 2005. "Evaluating the Performance of the Search and Matching Model," CEP Discussion Papers dp0677, Centre for Economic Performance, LSE.
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  8. Yashiv, Eran, 2007. "Labor search and matching in macroeconomics," European Economic Review, Elsevier, vol. 51(8), pages 1859-1895, November.
  9. Pissarides, Christopher A, 1985. "Short-run Equilibrium Dynamics of Unemployment Vacancies, and Real Wages," American Economic Review, American Economic Association, vol. 75(4), pages 676-90, September.
  10. Yashiv, Eran, 2007. "Labor Search and Matching in Macroeconomics," IZA Discussion Papers 2743, Institute for the Study of Labor (IZA).
  11. Eran Yashiv, 2007. "Labor Search and Matching in Macroeconomics," CEP Discussion Papers dp0803, Centre for Economic Performance, LSE.
  12. Yashiv, E., 1999. "The Determinants of Equilibrium Unemployment," Papers 36-99, Tel Aviv.
  13. Arindrajit Dube & Suresh Naidu & Michael Reich, 2007. "The Economic Effects of a Citywide Minimum Wage," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 60(4), pages 522-543, July.
  14. Ricardo Lagos, 2000. "An Alternative Approach to Search Frictions," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 851-873, October.
  15. Robert Shimer, 2005. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies," American Economic Review, American Economic Association, vol. 95(1), pages 25-49, March.
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