Labor Immobility in Japan: Its causes and consequences

Kenn Ariga & Ryosuke Okazawa
This paper builds and calibrate a model of competitive search that can reproduce a set of stylized facts concerning major impacts of the decade long stagnation and subsequent changes in the labor market in Japan. We highlight the role played by varying degrees of relation specific investments in forming employment relations. Depending upon the degree of specificity, a job slot can be immediately destructed, or, only the filled jobs survive, or, jobs survive as far...
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