Counterclockwise Behavior Around the Beveridge Curve

Koji Yokota ()
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Koji Yokota: Otaru University of Commerce
Authors registered in the RePEc Author Service: 横田 宏治

A chapter in The Complex Networks of Economic Interactions, 2006, pp 225-238 from Springer

Abstract: 4 Conclusion In this paper, we studied a matching process which arises when there is a cost to collect information about agents in the labour market. We found that its implication is consistent with data in many ways including the behaviour on the uv plane. The main reason that the behaviour on the uv plane becomes not trivial is that the it plots two stock variables. It is considered that wage rate under the existence of labour market friction becomes a function of the uv ratio. Since a shock does not reflect immediately to the uv ratio, wage rate responds slowly. It deteriorates the adjustment power of wage rate between imbalance of labour supply and demand.

Keywords: Labour Market; Business Cycle; Wage Rate; Contraction Mapping; Stable Match (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-540-28727-8_15

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DOI: 10.1007/3-540-28727-2_15

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