An adjustment cost model of long‐term employment in Japan
构建了一个动态要素需求模型，特别关注日本长期雇佣关系，通过可变成本函数和调整成本解释短期加班调整，并用日本电气机械行业数据验证了资本和雇佣的准固定性及加班过度反应。
Abstract A dynamic factor demand model is presented which pays special attention to the prevalence of a long‐term employment relationship in Japan. The model is based on the representation of technology by a variable cost function with adjustment costs for employment and capital stock, where the variable cost consists of the sum of overtime costs and materials costs. With employment being quasi‐fixed and scheduled hours institutionally regulated, short‐run adjustments are mostly made by overtime hours. Application to a time‐series data on the Japanese electrical machinery industry indicates quasi‐fixity of capital and employment and reproduces short‐run overshooting of overtime hours to compensate for the sluggish adjustment of employment.