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Employment and Hours over the Business Cycle in a Model with Search Frictions

Author

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  • Noritaka Kudoh

    (Department of Economics, Nagoya University)

  • Hiroaki Miyamoto

    (International Monetary Fund)

  • Masaru Sasaki

    (Graduate School of Economics, Osaka University)

Abstract

This paper studies a large-firm search-matching model with variable hours of work to investigate how firms utilize the intensive and extensive margins of labor adjustment over the business cycle. Introduction of variable hours of work introduces the Frisch elasticity parameter into the analysis, and this is a key determinant of the magnitude of fluctuations in hours of work. The model replicates the observed cyclical behavior of the Japanese labor market, in which fluctuations in hours of work account for 79 percent of the variations in total labor input, well. Total labor input in the model is as volatile as that in the data, and is 25 times as volatile as that in the model without the intensive margin.

Suggested Citation

  • Noritaka Kudoh & Hiroaki Miyamoto & Masaru Sasaki, 2018. "Employment and Hours over the Business Cycle in a Model with Search Frictions," CIRJE F-Series CIRJE-F-1084, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:2018cf1084
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    Cited by:

    1. Chun-Hung Kuo & Hiroaki Miyamoto, 2016. "Unemployment and Wage Rigidity in Japan: A DSGE Model Perspective," Working Papers EMS_2016_06, Research Institute, International University of Japan.
    2. Marco Jacopo Lombardi & Marianna Riggi & Eliana Viviano, 2020. "Bargaining power and the Phillips curve: a micro-macro analysis," BIS Working Papers 903, Bank for International Settlements.
    3. Pauline Carry, 2022. "The Effects of the Legal Minimum Working Time on Workers, Firms and the Labor Market," SciencePo Working papers Main hal-04067393, HAL.
    4. Olivier Charlot & Idriss Fontaine & Thepthida Sopraseuth, 2019. "Employment Fluctuations, Job Polarization and Non-Standard Work: Evidence from France and the US," THEMA Working Papers 2019-14, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    5. Charlot, Olivier & Fontaine, Idriss & Sopraseuth, Thepthida, 2024. "Job polarization and non-standard work: Evidence from France," Labour Economics, Elsevier, vol. 88(C).
    6. Budrys, Žymantas & Porqueddu, Mario & Sokol, Andrej, 2022. "Striking a bargain: narrative identification of wage bargaining shocks," Research Bulletin, European Central Bank, vol. 98.
    7. Dossche, Maarten & Lewis, Vivien & Poilly, Céline, 2019. "Employment, hours and the welfare effects of intra-firm bargaining," Journal of Monetary Economics, Elsevier, vol. 104(C), pages 67-84.
    8. Hashimoto, Ken-ichi & Ono, Yoshiyasu & Schlegl, Matthias, 2023. "Structural unemployment, underemployment, and secular stagnation," Journal of Economic Theory, Elsevier, vol. 209(C).
    9. Kosho Tanaka, 2018. "Technological progress, firm selection, and unemployment," Economics Bulletin, AccessEcon, vol. 38(1), pages 431-442.
    10. NI Bin & KATO Hayato & LIU Yang, 2020. "Does It Matter Where You Invest? The Impact of FDI on Domestic Job Creation and Destruction," Discussion papers 20008, Research Institute of Economy, Trade and Industry (RIETI).
    11. Kim, Jiwoon, 2021. "Wage negotiations in multi-worker firms and stochastic bargaining powers of existing workers," Journal of Economic Dynamics and Control, Elsevier, vol. 123(C).
    12. Bin Ni & Hayato Kato & Yang Liu, 2023. "Does it matter where you invest? The impact of foreign direct investments on domestic job creation and destruction," The World Economy, Wiley Blackwell, vol. 46(1), pages 135-152, January.
    13. Hiroaki Miyamoto, 2016. "Uncertainty shocks and labor market dynamics in Japan," Working Papers SDES-2016-8, Kochi University of Technology, School of Economics and Management, revised Jun 2016.
    14. Miyamoto Hiroaki, 2016. "Growth and non-regular employment," The B.E. Journal of Macroeconomics, De Gruyter, vol. 16(2), pages 523-554, June.
    15. Noritaka Kudoh & Hiroaki Miyamoto, 2023. "Time aggregation and unemployment volatility," Economics Bulletin, AccessEcon, vol. 43(2), pages 968-977.
    16. Kudoh, Noritaka & Miyamoto, Hiroaki, 2023. "Do general equilibrium effects matter for labor market dynamics?," Economic Modelling, Elsevier, vol. 119(C).
    17. Etienne Lalé, 2019. "Search and Multiple Jobholding," Upjohn Working Papers 19-305, W.E. Upjohn Institute for Employment Research.
    18. Ken-ichi Hashimoto & Yoshiyasu Ono & Matthias Schlegl, 2020. "Structural Unemployment, Underemployment, and Secular Stagnation," CESifo Working Paper Series 8318, CESifo.
    19. Pauline Carry, 2022. "The Effects of the Legal Minimum Working Time on Workers, Firms and the Labor Market," Working Papers hal-04067393, HAL.
    20. Ken-ichi Hashimoto & Yoshiyasu Ono & Matthias Schlegl, 2020. "Structural Unemployment, Underemployment, and Secular Stagnation," CESifo Working Paper Series 8318, CESifo.
    21. Noritaka Kudoh & Hiroaki Miyamoto, 2021. "General Equilibrium Effects and Labor Market Fluctuations," Working Papers SDES-2021-4, Kochi University of Technology, School of Economics and Management, revised May 2021.
    22. Takano, Tetsuaki, 2024. "Worker flows by gender and industry in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 71(C).
    23. Del Rey, Elena & Naval, Joaquín & Silva, José I., 2022. "Hours and wages: A bargaining approach," Economics Letters, Elsevier, vol. 217(C).
    24. Hirokazu Mizobata, 2024. "Japan’s dual labor market and its macroeconomic characteristics," Empirical Economics, Springer, vol. 67(1), pages 165-196, July.

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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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