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Cyclical Part‐Time Employment in an Estimated New Keynesian Model with Search Frictions

Toshihiko Mukoyama, Mototsugu Shintani and Kazuhiro Teramoto

Journal of Money, Credit and Banking, 2021, vol. 53, issue 8, 1929-1968

Abstract: This paper analyzes the dynamics of full‐time and part‐time employment over the business cycle. We first document basic macroeconomic facts on these employment stocks using the U.S. data and decompose their cyclical dynamics into the contributions of different flows into and out of these stocks. Second, we develop and estimate a New Keynesian search‐and‐matching model with a segmented labor market to uncover the fundamental driving forces of the cyclical dynamics of employment stocks. We find the countercyclicality of the (net) flow from full‐time to part‐time employment is essential in accounting for countercyclical patterns of part‐time employment.

Date: 2021
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Handle: RePEc:wly:jmoncb:v:53:y:2021:i:8:p:1929-1968