BOK Working/Discussion Papers

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Explaining the Cyclical Behavior of the Korean Labor Market

Economic Research Institute (82-2-759-5407) 2008.02.11 2785

Ⅰ. Introduction 1

Ⅱ. Korean Labor Market Facts 4

 1. Employment, Unemployment, and Nonparticipation 5
 2. Transition Probabilities 7
 3. Cyclicality of Labor Market Variables 9

Ⅲ. Evaluating the Real Business Cycle Model
    and the Mortensen-Pissarides Matching Model 10

 1. Real Business Cycle Model 10
 2. Mortensen-Pissarides Matching Model 12

Ⅳ. The Model 16

 1. Workers 17
 2. Firms 18
 3. Search and Matching 18
 4. Equilibrium 20
 5. Reduced-Form Labor Market Dynamics 23
 6. Extension of the Basic Model 24

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