@article{oai:nagoya.repo.nii.ac.jp:02001112,
 author = {Kudoh, Noritaka and Miyamoto, Hiroaki},
 issue = {E21-4},
 journal = {Economic Research Center Discussion Paper E-Series},
 month = {Jun},
 note = {Business cycle models with search-matching frictions are studied to evaluate the importance of general equilibrium effects generated by movements in the stochastic discount factor and the income effect on labor supply. Without variable hours of work, the general equilibrium effect works only through the stochastic discount factor and is quantitatively very weak. With variable hours of work, the income effect operates to generate procyclical movements in the value of leisure and the marginal hourly wage rate. This effect is sizable and dampens labor market fluctuations. We also study discount factor shocks and find that capital formation strongly enhances labor market fluctuations., Part of this research is financially supported by KAKENHI (17K03619, 20H01476).},
 pages = {1--26},
 title = {General Equilibrium Effects and Labor Market Fluctuations},
 year = {2021}
}