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Toshihiko Mukoyama

University of Virginia
Verified email at virginia.edu
Cited by 398

Revisiting the welfare effects of eliminating business cycles

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P Krusell, T Mukoyama, A Sahin… - Review of Economic …, 2009 - Elsevier
We investigate the welfare effects of eliminating business cycles in a model with substantial
consumer heterogeneity. The heterogeneity arises from uninsurable and idiosyncratic
uncertainty in preferences and employment status. We calibrate the model to match the ...
Cited by 81 - Related articles - All 27 versions

Innovation, imitation, and growth with cumulative technology

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Full text - MIT Libraries
T Mukoyama - Journal of Monetary Economics, 2003 - Elsevier
This paper analyzes the interaction of innovation and imitation in the growth process.
Technology is assumed to be cumulative: only leaders can conduct next-round innovation.
Outsiders can become leaders by imitation. Our results show that subsidizing imitation ...
Cited by 50 - Related articles - All 12 versions

Labour‐Market Matching with Precautionary Savings and Aggregate Fluctuations

[PDF] from fednewyork.org
Full text - MIT Libraries
P Krusell, T Mukoyama… - Review of Economic Studies, 2010 - Wiley Online Library
We analyse a Bewley–Huggett–Aiyagari incomplete-markets model with labour-market
frictions. Consumers are subject to idiosyncratic employment shocks against which they
cannot insure directly. The labour market has a Diamond–Mortensen–Pissarides structure ...
Cited by 43 - Related articles - Library Search - All 48 versions

Costs of business cycles for unskilled workers

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T Mukoyama… - Journal of Monetary Economics, 2006 - Elsevier
Unskilled workers are subject to a much larger risk of unemployment during recessions than
are skilled workers. Moreover, unskilled workers earn less income, which limits their ability
to self-insure. We examine how this heterogeneity in unemployment risk and income ...
Cited by 37 - Related articles - Library Search - All 24 versions

Entry, exit, and plant-level dynamics over the business cycle

[PDF] from acrobatplanet.com
Y Lee… - … Reserve Bank of Cleveland Working Paper, 2008 - papers.ssrn.com
Abstract: This paper analyzes the implications of plant-level dynamics over the business
cycle. We first document basic patterns of entry and exit of US manufacturing plants, in terms
of employment and productivity, between 1972 and 1997. We show how entry and exit ...
Cited by 28 - Related articles - All 29 versions

Repeated moral hazard with persistence

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T Mukoyama… - Economic Theory, 2005 - Springer
Summary. This paper considers the optimal contract when the current (hidden) action of an
agent has a persistent effect on the future outcome. The optimal contract in a two-effort
choice, two-period setting is characterized analytically and numerically. In particular, we ...
Cited by 22 - Related articles - Library Search - All 15 versions

Aggregate implications of indivisible labor, incomplete markets, and labor market frictions

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P Krusell, T Mukoyama, R Rogerson… - Journal of Monetary …, 2008 - Elsevier
We study the impact of tax and transfer programs on steady-state allocations in a model with
search frictions, an operative labor supply margin, and incomplete markets. In a benchmark
model that has indivisible labor and incomplete markets but no trading frictions we show ...
Cited by 22 - Related articles - Library Search - BL Direct - All 43 versions

Aggregate labor market outcomes: The roles of choice and chance

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P Krusell, T Mukoyama, R Rogerson… - Quantitative …, 2010 - Wiley Online Library
Commonly used frictional models of the labor market imply that changes in frictions have
large effects on steady state employment and unemployment. We use a model that features
both frictions and an operative labor supply margin to examine the robustness of this ...
Cited by 12 - Related articles - Library Search - All 52 versions

Rosenberg's “learning by using” and technology diffusion

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T Mukoyama - Journal of Economic Behavior & Organization, 2006 - Elsevier
This paper formulates Rosenberg's [Rosenberg, N., 1982. Inside the Black Box: Technology
and Economics. Cambridge University Press, Cambridge]“learning by using” as a stochastic
process. The producer of machines learns from the experience of users. Due to this ...
Cited by 12 - Related articles - Library Search - All 12 versions

Diffusion and innovation of new technologies under skill heterogeneity

Full text - MIT Libraries
T Mukoyama - Journal of Economic Growth, 2004 - Springer
This article presents a model of innovation and diffusion of machines which embody a new
technology. Users of the machines are heterogenous in their skill level. Skilled machine-
users adopt new machines first, while unskilled users wait until machines become more ...
Cited by 11 - Related articles - BL Direct - All 9 versions

[CITATION] The effect of income distribution on the timing of new product introductions

J Greenwood… - University of Rochester, mimeo Grossman, G. and …, 2001
Cited by 12 - Related articles

A three state model of worker flows in general equilibrium

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P Krusell, T Mukoyama, R Rogerson… - Journal of Economic …, 2011 - Elsevier
We develop a simple model featuring search frictions and a nondegenerate labor supply
decision along the extensive margin. The model is a standard version of the neoclassical
growth model with indivisible labor and idiosyncratic productivity shocks and frictions ...
Cited by 11 - Related articles - Library Search - All 27 versions

Evaluating the effects of entry regulations and firing costs on international income differences

HJ Moscoso Boedo… - Journal of Economic Growth, 2010 - Springer
Abstract This paper analyzes the effects of entry regulations and firing costs on cross-country
differences in income and productivity. We construct a general equilibrium industry-
dynamics model and quantitatively evaluate it using the cross-country data on entry costs ...
Cited by 10 - Related articles - Get it from MIT Libraries

Why did the average duration of unemployment become so much longer?

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T Mukoyama… - Journal of Monetary Economics, 2009 - Elsevier
There has been a substantial increase in the average duration of unemployment relative to
the unemployment rate in the US over the last 30 years. We evaluate the performance of a
standard job-search model in explaining this phenomenon. In particular, we examine ...
Cited by 9 - Related articles - All 17 versions

[PDF] Why did the average duration of unemployment become so much longer?

[PDF] from newyorkfed.org
T Mukoyama… - FRB New York Staff Report, 2004 - data.newyorkfed.org
Abstract This paper examines the causes of the observed increase in the average duration
of unemployment over the past thirty years. First we analyze whether changes in the
demographic composition of the US labor force, particularly the age and gender ...
Cited by 8 - Related articles - View as HTML - All 20 versions

[PDF] A theory of technology diffusion

[PDF] from 129.3.20.41
T Mukoyama - Department of Economics Concordia University and …, 2003 - 129.3.20.41
Abstract What determines the speed of the technology diffusion? What are the
consequences of diffusion? This paper presents a model to address these questions. Skilled
machine-users adopt a new technology first, while unskilled users wait until machines ...
Cited by 7 - Related articles - View as HTML - All 11 versions

Asset prices in a Huggett economy

[PDF] from concordia.ca
P Krusell, T Mukoyama… - Journal of Economic Theory, 2011 - Elsevier
Abstract This paper explores asset pricing in economies where there is no direct insurance
against idiosyncratic risks but where other assets can be used for self-insurance, subject to
exogenously-imposed borrowing limits. We analyze an endowment economy, based on ...
Cited by 7 - Related articles - Get it from MIT Libraries - All 12 versions

[PDF] Understanding the welfare effects of unemployment insurance policy in general equilibrium

[PDF] from virginia.edu
T Mukoyama - University of Virginia, 2010 - people.virginia.edu
Abstract This paper analyzes the welfare effects of the change in unemployment insurance
benefits in three general equilibrium incomplete market models. In particular, it decomposes
the total effect for each individual into different factors. In all of the models that I consider, ...
Cited by 7 - Related articles - View as HTML - All 16 versions

Specialization and Human Capital in Search Equilibrium

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T Mukoyama… - Journal of the European Economic …, 2006 - Wiley Online Library
Abstract This paper constructs a general equilibrium search-matching model with
heterogeneous workers. Workers choose whether to invest in general human capital or
specific human capital when they enter the labor market. We analyze how unemployment ...
Cited by 6 - Related articles - Library Search - BL Direct - All 23 versions

Endogenous depreciation, mismeasurement of aggregate capital, and the productivity slowdown

T Mukoyama - Journal of Macroeconomics, 2008 - Elsevier
When we allow capital depreciation to be endogenous, the acceleration of investment-
specific technological progress can distort the measurement of the aggregate capital stock.
Our quantitative exercise shows that this effect may cause a substantial bias in the ...
Cited by 4 - Related articles - Get it from MIT Libraries - All 5 versions

[PDF] Labor Supply in a Frictional Labor Market

[PDF] from 128.36.236.74
P Krusell, T Mukoyama, R Rogerson… - Princeton University, 2009 - 128.36.236.74
Abstract We develop a model featuring search frictions and a nondegenerate labor supply
decision along the extensive margin, and argue that it does a reasonable job of matching
labor market flows between employment, unemployment and out of the labor force. ...
Cited by 4 - Related articles - View as HTML - All 51 versions

Specialization and efficiency with labor-market matching

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T Mukoyama… - Journal of Economic Dynamics and Control, 2009 - Elsevier
This paper constructs a labor-market matching model with heterogeneous workers. Due to
matching frictions, there may be a mismatch of talents within a production team, forcing a
worker to specialize in a task at which she is not talented. We consider a partnership ...
Cited by 2 - Related articles - All 17 versions

Welfare effects of unanticipated policy changes with complete asset markets

Full text - MIT Libraries
T Mukoyama - Economics Letters, 2010 - Elsevier
This paper analyzes the welfare effects of unanticipated policy changes in a model with
complete asset markets and heterogeneous agents. There are two effects: an effect of the
change in wealth and a direct effect from the price change.
Cited by 2 - Related articles - All 6 versions

[PDF] Heterogeneous costs of business cycles with incomplete markets

[PDF] from purdue.edu
T Mukoyama… - Manuscript, 2004 - krannert.purdue.edu
Abstract This paper reconsiders the cost of business cycles under market incompleteness.
Primarily, we focus on the heterogeneity in the cost among different groups. In addition to the
heterogeneity in asset holdings, this paper considers heterogeneity in earnings and ...
Cited by 2 - Related articles - View as HTML - All 5 versions

[CITATION] Imitation and Growth with Cumulative Technology

T Mukoyama - Unpublished, University of Rochester, September, 1999
Cited by 2 - Related articles

[CITATION] Essays on innovation and diffusion

T Mukoyama - 2002 - University of Rochester. Department …
Cited by 2 - Related articles - Library Search

[PDF] Evaluating the Effects of Entry Regulations and Firing Costs on International Income Differences

[PDF] from virginia.edu
HJM Boedo… - University of Virginia, working …, 2010 - people.virginia.edu
Abstract This paper analyzes the effects of entry regulations and firing costs on cross-country
differences in income and productivity. We construct a general equilibrium industrydynamics
model and quantitatively evaluate it using the cross-country data on entry costs and firing ...
Cited by 2 - Related articles - View as HTML - All 10 versions

Is Labor Supply Important for Business Cycles?

[PDF] from su.se
P Krusell, T Mukoyama, R Rogerson… - 2012 - nber.org
We build a general equilibrium model that features uninsurable idiosyncratic shocks, search
frictions and an operative labor supply choice along the extensive margin. The model is
calibrated to match the average levels of gross flows across the three labor market states: ...
Cited by 2 - Related articles - All 20 versions

[PDF] Labor supply, frictions, and the business cycle

[PDF] from pbworks.com
P Krusell, T Mukoyama, R Rogerson… - 2011 - econsem.pbworks.com
Abstract We study the implications of several aggregate shocks for the behavior of labor
market flows in a three state model of the labor market. While shocks to only job finding and
job loss rates can account for unemployment fluctuations, they account for only a small ...
Cited by 1 - Related articles - View as HTML - All 5 versions

[PDF] Welfare Evaluations of Policy Reforms with Heterogeneous Agents

[PDF] from virginia.edu
T Mukoyama - 2011 - people.virginia.edu
► People in rich countries tend to live longer and healthier. But obviously, in the short run,
there are situations where per capita real GDP and welfare do not go together.(For example,
real GDP was very high during the WWII in the US) Thus, direct welfare measures are ...
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On the Welfare Effect of Cyclical Policies under Incomplete Markets and Labor Market Frictions

A Sahin… - 2004 Meeting Papers, 2004 - ideas.repec.org
This paper examines how policies affect people's welfare during business cycles when
markets are incomplete. In particular, we analyze cyclical policies such as cyclical taxation
and cyclical unemployment insurance. Those policies play two roles: smoothing the ...
Cached - All 4 versions

A simple model of productivity slowdown

Full text - MIT Libraries
T Mukoyama - Applied Economics Letters, 2009 - Taylor & Francis
This article demonstrates a simple mechanism of productivity slowdown. There are two types
of technological change: exogenous and endogenous. After news arrives that there will be
an acceleration of exogenous technological progress in the future, endogenous ...
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[PDF] Models of Wage Dynamics

[PDF] from virginia.edu
T Mukoyama - 2003 - people.virginia.edu
This paper introduces four different models of wage dynamics. They are aimed at explaining
how wages move over time and what kind of factors affect the dynamics of wages. The models
are: ... Each model explains a different aspect of wage dynamics. All the models are ...
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[CITATION] Endogenous Depreciation

T Mukoyama - 2004
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DP7429 Labor-Market Matching with Precautionary Savings and Aggregate Fluctuations

P Krusell, T Mukoyama, A Sahin… - 2009 - cepr.org
We analyze a Bewley-Huggett-Aiyagari incomplete-markets model with labor-market
frictions. Consumers are subject to idiosyncratic employment shocks against which they
cannot insure directly. The labor market has a Diamond-Mortensen-Pissarides structure: ...
Cached - All 4 versions

[PDF] INSTITUTE FOR MONETARY AND ECONOMIC STUDIES

[PDF] from boj.or.jp
T Mukoyama - imes.boj.or.jp
Abstract This paper compares the establishment-level dynamics of the United States and
Japan. I find that there are substantial differences in entry and exit behavior, the average
size of establishments, and the amount of job reallocation. First, entry and exit rates are ...
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[PDF] A Note on Cyclical Discount Factors and Labor Market Volatility

[PDF] from virginia.edu
T Mukoyama - 2009 - people.virginia.edu
Abstract In this paper, I examine how time-varying discount factors can contribute to labor
market volatility in a Diamond-Mortensen-Pissarides matching model. I find that the
procyclical discount factor of either entrepreneurs or workers can magnify labor market ...
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[PDF] The Political Economy of Entry Barriers

[PDF] from virginia.edu
T Mukoyama, L Popov - 2012 - people.virginia.edu
Abstract We study a political economy model of entry barriers. Each period the policymaker
determines whether to impose a high entry barrier on entry, and the special interest groups
try to influence the policymaker's decision. Entry is accompanied by creative destruction— ...
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DP7425 A Three State Model of Worker Flows in General Equilibrium

P Krusell, T Mukoyama, R Rogerson… - 2009 - cepr.org
We develop a simple model featuring search frictions and a nondegenerate labor supply
decision along the extensive margin. The model is a standard version of the neoclassical
growth model with indivisible labor with idiosyncratic shocks and frictions characterized by ...
Cached - All 4 versions

[PDF] Appendices to: Revisiting the Welfare Effects of Eliminating Business Cycles

[PDF] from yale.edu
P Krusell, T Mukoyama, A Sahin… - Technical Appendices, 2008 - econ.yale.edu
with ordering (e, g),(e, b),(u, g),(u, b). This implies probabilities of finding a job, conditional
on last period's employment status and on the aggregate shocks in the current and in the
last period. These job-finding probabilities can be ranked from least to most lucky as ...
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DP7435 Aggregate Labor Market Outcomes: The Role of Choice and Chance

P Krusell, T Mukoyama, R Rogerson… - 2009 - cepr.org
Commonly used frictional models of the labor market imply that changes in frictions have
large effects on steady state employment and unemployment. We use a model that features
both frictions and an operative labor supply margin to examine the robustness of this ...
Cached - All 3 versions

On the Changing Structure of Unemployment Duration

A Sahin… - 2004 Meeting Papers, 2004 - ideas.repec.org
This paper examines the causes of observed increase in the duration of unemployment
relative to the unemployment rate in the Post-War United States. First we analyze if changes
in the demographic composition of US labor force can explain the change in the structure ...
Cached - All 4 versions

[PDF] Education as Self-Discovery

[PDF] from psu.edu
T Mukoyama - 2004 - Citeseer
Abstract In this paper, we analyze the interaction between labour market conditions and
education demand in a job matching model. Education is modeled as a process of self-
discovery: schooling raises a worker's likelihood of a good match to the job by helping him ...
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James Heckman, Seong Hyeok Moon, Rodrigo Pinto, Peter Savelyev, and Adam Yavitz Analyzing social experiments as implemented: A reexamination of the …

D Bravo, S Mukhopadhyay, PE Todd, P Krusell… - Wiley Online Library
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[CITATION] Cyclical Discount Factors and Labor Market Volatility

T Mukoyama - 2009
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[PDF] Matching and Schooling

[PDF] from psu.edu
T Mukoyama - 1999 - Citeseer
Abstract In this paper, a job matching model is constructed to analyze education demand. It
is assumed that schooling raises a worker's likelihood of a good match, by helping him to
learn what kind of jobs he is likely to fit. It is shown that there is a close relationship ...
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