TFP Growth Slowdown and the Labor Market in Medium Run: The Case of Japan in the 1990s
2008/12/27
研討會日期 : 2008-12-27
時間 : 13:30
主講人 : Julen Esteban-Pretel 助理教授
地點 : C棟103室
演講者簡介 : Professor Julen Esteban-Pretel為Ph.D. in Economics，New YorkUniversity (2004)。目前為日本東京大學經濟系助理教授。其主要領域為Macroeconomics及Labor and Monetary Economics。
演講摘要 : Unemployment almost tripled in Japan in the 1990s. Underlying this increase lies an increase in the probability of employees to lose their job and a decrease in the probability of the unemployed to find jobs. This paper contributes to the literature that studies the forces behind medium-term economic movements by analyzing the sources responsible for these labor market changes in Japan in the decade of the 1990s. We build, calibrate and simulate a neo-classical growth model with search frictions in the labor market. Using actual TFP data, the model is able to reproduce the path of unemployment and the job flows, along with that of output. We find that it is the decrease in productivity, with the aid of the drop in hours worked, which reduces the firm’s profits and induces a drop in employment and an increase in unemployment.
