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Time Discount and Convex Hiring Cost

  • Yokota, Koji
Registered author(s):

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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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. Eran Yashiv, 2005. "Evaluating the performance of the search and matching model," LSE Research Online Documents on Economics 19906, London School of Economics and Political Science, LSE Library.
  2. 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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  11. Card, David & Krueger, Alan B, 1994. "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania," American Economic Review, American Economic Association, vol. 84(4), pages 772-93, September.
  12. Arindrajit Dube & Suresh Naidu & Michael Reich, 2007. "The Economic Effects of a Citywide Minimum Wage," ILR Review, Cornell University, ILR School, vol. 60(4), pages 522-543, July.
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