Title: Cyclical part-time employment in an estimated new Keynesian model with search frictions
Authors: Mototsugu Shintani - University of Tokyo (Japan) [presenting]
Toshihiko Mukoyama - Georgetown University (United States)
Kazuhiro Teramoto - New York University (United States)
Abstract: The dynamics of full-time employment and part-time employment over the business cycle are analyzed. We first document the 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 two labor markets to uncover the fundamental driving forces of the cyclical dynamics of employment stocks.