01947cas a2200253 a 4500 AALejournalIMF007001 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455212514 1018-5941 BD-DhAAL BD-DhAAL Steinberg, Chad. To Fire or to Hoard? : Explaining Japan's Labor Market Response in the Great Recession / Chad Steinberg, Masato Nakane. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The Great Recession pushed Japan's unemployment rate to historic highs, but the increase has been small by international standards and small relative to the large output shock. This paper explores Japan's cyclical labor market response to the global financial crisis. Our findings suggest that: (i) employment responsiveness has been historically low but rising over time with the increasing importance of the non-regular workforce; (ii) the labor market response was consistent with historical patterns once we control for the size of the output shock; and (iii) the comparatively lower employment response vis-a-vis other countries can in part be explained by the quick implementation of an employment subsidy program, a more flexible wage system, and a corporate governance structure that places workers rights above shareholders. Mode of access: Internet Nakane, Masato. IMF Working Papers; Working Paper ; No. 2011/015 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/015/001.2011.issue-015-en.xml IMF e-Library