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An estimated search and matching model of the Japanese labor market

Ching-Yang Lin and Hiroaki Miyamoto

Journal of the Japanese and International Economies, 2014, vol. 32, issue C, 86-104

Abstract: This paper studies how well a simple search and matching model can describe aggregate Japanese labor market dynamics in a full information setting. We develop a discrete-time search and matching model with a convex vacancy posting cost and three shocks: productivity, separation, and markup shocks. We use the model as a data-generating process for our empirical analysis and estimate it by using Bayesian methods. The model is successful in replicating the behavior of unemployment and vacancies in Japan. However, we also find that the success of the model relies on shock processes that are not empirically plausible.

Keywords: Search and matching model; Unemployment; Bayesian estimation; Japanese labor market (search for similar items in EconPapers)
JEL-codes: C11 C51 E24 J64 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jjieco:v:32:y:2014:i:c:p:86-104

DOI: 10.1016/j.jjie.2014.03.001

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