Time Discount and Convex Hiring Cost

Koji Yokota
Authors registered in the RePEc Author Service: 横田 宏治

ビジネス創造センターディスカッション・ペーパー (Discussion papers of the Center for Business Creation) from Otaru University of Commerce

Abstract: 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.

Pages: 32 pages
Date: 2012-04
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Published in Discussion paper series (2012), 147: 1-32

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Persistent link: https://EconPapers.repec.org/RePEc:ota:busdis:10252/4850

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