Working Effort and the Japanese Business Cycle

Otsu, Keisuke (2011) Working Effort and the Japanese Business Cycle. Economic Review, 62 (1). pp. 20-29. ISSN 0022-9733.

Abstract

A well known fact of Japanese business cycles discussed in studies such as Ohkusa and Ariga (1995) is that the labor adjustment is done more in the intensive margin (hours worked per worker) rather than in the extensive margin (employment), which is the opposite to the U.S. Moreover, as shown in Braun, Esteban-Pretel, Okada and Sudo (2006) , the fluctuation of hours worked per worker leads the business cycle while the fluctuation of the number of workers lags it. In this paper, I show that a dynamic stochastic general equilibrium model with effort, productivity, and investment specific technology shocks can account for these facts.

Item Type:	Article
Projects:	[UNSPECIFIED] A Dynamic General Equilibrium Analysis of Fluctuation in Japanese Hours Worked and Employment
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculties > Social Sciences > School of Economics
Depositing User:	K. Otsu
Date Deposited:	12 Nov 2014 10:24 UTC
Last Modified:	29 May 2019 13:27 UTC
Resource URI:	https://kar.kent.ac.uk/id/eprint/44334 (The current URI for this page, for reference purposes)