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Essays on macroeconomic dynamics of ...

Fujita, Shigeru.

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Essays on macroeconomic dynamics of job vacancies, job flows and entrepreneurial activities.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on macroeconomic dynamics of job vacancies, job flows and entrepreneurial activities./
Author:	Fujita, Shigeru.
Description:	125 p.
Notes:	Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2691.
Contained By:	Dissertation Abstracts International65-07A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3138821
ISBN:	0496859739

Essays on macroeconomic dynamics of job vacancies, job flows and entrepreneurial activities.
Fujita, Shigeru.

Essays on macroeconomic dynamics of job vacancies, job flows and entrepreneurial activities. - 125 p.

Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2691.

Thesis (Ph.D.)--University of California, San Diego, 2004.

My dissertation examines roles played by costly resource reallocations in shaping business cycles.

ISBN: 0496859739Subjects--Topical Terms:

1017424
Economics, General.

Essays on macroeconomic dynamics of job vacancies, job flows and entrepreneurial activities.
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020 $a 0496859739
035 $a (UnM)AAI3138821
035 $a AAI3138821
040 $a UnM $c UnM
100 1 $a Fujita, Shigeru. $3 1927584
245 1 0 $a Essays on macroeconomic dynamics of job vacancies, job flows and entrepreneurial activities.
300 $a 125 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-07, Section: A, page: 2691.
500 $a Chairs: Garey Ramey; Wouter J. Den Haan.
502 $a Thesis (Ph.D.)--University of California, San Diego, 2004.
520 $a My dissertation examines roles played by costly resource reallocations in shaping business cycles.
520 $a Chapter 1 presents stylized facts about cyclical behavior of job vacancies and job flows. I estimate trivariate vector auto-regressions with job flows and vacancies, and identify an aggregate shock by using "agnostic" Bayesian method that imposes inequality constraints on the patterns of impulse responses. I impose only minimal restrictions on the responses of job flows and employment growth, and no restrictions on the response of vacancies. The data strongly suggest a hump-shaped (and persistent) response of vacancies, implying the presence of important time-lags in vacancy creation, contrary to the fundamental assumption of the standard job-matching model.
520 $a Chapter 2 lays out the popular job-matching model developed by Mortensen and Pissarides [48], and examines its quantitative performance. I justify my claim in Chapter 1 by showing that vacancies cannot exhibit a hump-shaped response in the calibrated economy. The counterfactual vacancy dynamics of the model are due to the echo effect; in recession, firms' incentive to post vacancies quickly recovers as the adverse shock increases unemployment because it raises worker finding probability for firms.
520 $a Chapter 3 proposes modifications to the Mortensen and Pissarides model. I augment the model by introducing costly planning for brand-new jobs, and the option to mothball preexisting jobs. To develop new jobs requires a time-consuming planning process, whereas firms with preexisting jobs are allowed to mothball their jobs, and to reactivate them with no planning lags. These modifications greatly improve the model's ability to replicate the Beveridge curve as well as observed correlations between vacancies and job creation. It is also shown that persistent behavior of vacancies in the model serves to enhance the model's propagation mechanism.
520 $a Chapter 4 develops a vintage model with frictions for implementing new technology. First, exploiting leading-edge technology requires completion of a development stage. Second, financial intermediation between entrepreneurs and lenders is subject to search frictions. The model produces an aggregate output response that moves only gradually over business cycles. We present VAR evidence consistent with the model's prediction.
590 $a School code: 0033.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Labor. $3 1019135
690 $a 0501
690 $a 0510
710 2 0 $a University of California, San Diego. $3 1018093
773 0 $t Dissertation Abstracts International $g 65-07A.
790 1 0 $a Ramey, Garey, $e advisor
790 1 0 $a Den Haan, Wouter J., $e advisor
790 $a 0033
791 $a Ph.D.
792 $a 2004
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3138821