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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/111684

    Title: On-the-job learning and news-driven business cycles
    Authors: 賴景昌
    Chen, K.-J.
    Lai, Ching-Chong
    Contributors: 經濟學系
    Date: 2015-03
    Issue Date: 2017-08-09 17:17:48 (UTC+8)
    Abstract: This paper proposes a new channel of on-the-job learning to explain the positive comovement between consumption and employment following good news about future productivity. The new recruits can generate an additional stream of output production in all future periods, and the firm's labor demand is thus characterized by the forward-looking property. Therefore, the firm is motivated to hire more new recruits in advance in response to good news about future productivity. Once the increase in labor demand is greater than the decrease in labor supply caused by the income effect, the coincident rise in consumption and employment can be driven by the news shock. When such a channel is paired with investment adjustment costs and the endogenous capacity utilization rate, this paper provides a plausible explanation for simultaneous booms in current consumption, investment, output, and employment to match the empirical evidence under the news shock. © 2015 The Ohio State University.
    Relation: Journal of Money, Credit and Banking, 47(2月3日), 261-294
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1111/jmcb.12176
    DOI: 10.1111/jmcb.12176
    Appears in Collections:[經濟學系] 期刊論文

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