In this paper we have constructed a macro-econometric model which includes the
disaggregated labor sector, explaining explicitly the behaviors of the demand and supply of labor in Japan with special emphasis on sex/employment status composition, and have analyzed the adjustment mechanism of the labor market to absorb the impact of the increase in the import oil price as an external shock.
Based on the results of the simulation test applied for the two models (one is our present model, and the other is the Kyoto University Quarterly Model (KYQ81) which includes only an
aggregated labor sector), we have found that the significantly different results appeared between the two models. Our model is capable of absorbing the impact of the external shock owing to more flexible adjustment for the demand and supply for male/female in the model than the other model. Accordingly it was found that in our model the pressure to the growth rate of the price change induced by the increase in the import oil price are weaker than that of the KYQ81.
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