| Abstract: | This paper presents direct evidence on the characteristics of labour hoarding in Japan, using long-run, subjective survey data. A labour hoarding judgement index was constructed, and showed a seasonal pattern that did not reflect the external labour market condition. It consists of a stationary unanticipated part and a nonstationary antici pated one. The former part, unlike the latter, has no long-run relationship with sales, wage rate and working hours, the latter part has it. Furthermore, Granger causality is from labour hoarding to working hours.
JEL Classification Numbers: E24, J23 |
