Works(作品等)

2012年4月

Time Discount and Convex Hiring Cost


作品分類
その他
発表場所
CBC Working paper

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.

リンク情報
URL
http://hdl.handle.net/10252/4850