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Employment and hours over the business cycle in a model with search frictions

Author

Listed:
  • Noritaka Kudoh

    (Nagoya University)

  • Hiroaki Miyamoto

    (University of Tokyo)

  • Masaru Sasaki

    (Osaka University)

Abstract
This paper studies a labor market search-matching model with multi-worker firms to investigate how firms utilize employment and hours of work over the business cycle. The earnings function derived from intra-firm bargaining determines the costs of utilizing the two margins of labor adjustment. We calibrate the model for the Japanese labor market, in which fluctuations in hours of work account for 79 percent of the variations in total labor input. The model replicates much of the fluctuations in total labor input, employment, and hours per employee without wage rigidity even though the source of fluctuations is total factor productivity (TFP) alone. If hours of work are determined by bargaining, then the intensive margin makes the unemployment volatility puzzle much harder to resolve.

Suggested Citation

  • Noritaka Kudoh & Hiroaki Miyamoto & Masaru Sasaki, 2016. "Employment and hours over the business cycle in a model with search frictions," Working Papers SDES-2016-9, Kochi University of Technology, School of Economics and Management, revised Jun 2016.
    • Handle: RePEc:kch:wpaper:sdes-2016-9
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    Cited by:

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    2. Etienne Lalé, 2019. "Search and Multiple Jobholding," Upjohn Working Papers 19-305, W.E. Upjohn Institute for Employment Research.
    3. Ken-ichi Hashimoto & Yoshiyasu Ono & Matthias Schlegl, 2020. "Structural Unemployment, Underemployment, and Secular Stagnation," CESifo Working Paper Series 8318, CESifo.
    4. 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.
    5. Budrys, Žymantas & Porqueddu, Mario & Sokol, Andrej, 2022. "Striking a bargain: narrative identification of wage bargaining shocks," Research Bulletin, European Central Bank, vol. 98.
    6. 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.
    7. Hirokazu Mizobata, 2024. "Japan’s dual labor market and its macroeconomic characteristics," Empirical Economics, Springer, vol. 67(1), pages 165-196, July.
    8. Miyamoto Hiroaki, 2016. "Growth and non-regular employment," The B.E. Journal of Macroeconomics, De Gruyter, vol. 16(2), pages 523-554, June.
    9. 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.
    10. 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.
    11. Charlot, Olivier & Fontaine, Idriss & Sopraseuth, Thepthida, 2024. "Job polarization and non-standard work: Evidence from France," Labour Economics, Elsevier, vol. 88(C).
    12. 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).
    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. Kudoh, Noritaka & Miyamoto, Hiroaki, 2023. "Do general equilibrium effects matter for labor market dynamics?," Economic Modelling, Elsevier, vol. 119(C).
    15. Pauline Carry, 2022. "The Effects of the Legal Minimum Working Time on Workers, Firms and the Labor Market," Working Papers hal-04067393, HAL.
    16. Ken-ichi Hashimoto & Yoshiyasu Ono & Matthias Schlegl, 2020. "Structural Unemployment, Underemployment, and Secular Stagnation," CESifo Working Paper Series 8318, CESifo.
    17. Del Rey, Elena & Naval, Joaquín & Silva, José I., 2022. "Hours and wages: A bargaining approach," Economics Letters, Elsevier, vol. 217(C).
    18. 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.
    19. Kosho Tanaka, 2018. "Technological progress, firm selection, and unemployment," Economics Bulletin, AccessEcon, vol. 38(1), pages 431-442.
    20. Marco Jacopo Lombardi & Marianna Riggi & Eliana Viviano, 2020. "Bargaining power and the Phillips curve: a micro-macro analysis," Temi di discussione (Economic working papers) 1302, Bank of Italy, Economic Research and International Relations Area.
    21. Noritaka Kudoh & Hiroaki Miyamoto, 2023. "Time aggregation and unemployment volatility," Economics Bulletin, AccessEcon, vol. 43(2), pages 968-977.
    22. Takano, Tetsuaki, 2024. "Worker flows by gender and industry in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 71(C).
    23. 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).
    24. 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.

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    More about this item

    Keywords

    search; hours of work; employment; business cycles; multi-worker firms;
    All these keywords.

    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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