4 Conclusion
In this paper, we studied a matching process which arises when there is a cost to collect information about agents in the labour market. We found that its implication is consistent with data in many ways including the behaviour on the uv plane. The main reason that the behaviour on the uv plane becomes not trivial is that the it plots two stock variables. It is considered that wage rate under the existence of labour market friction becomes a function of the uv ratio. Since a shock does not reflect immediately to the uv ratio, wage rate responds slowly. It deteriorates the adjustment power of wage rate between imbalance of labour supply and demand.
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Yokota, K. (2006). Counterclockwise Behavior Around the Beveridge Curve. In: Namatame, A., Kaizouji, T., Aruka, Y. (eds) The Complex Networks of Economic Interactions. Lecture Notes in Economics and Mathematical Systems, vol 567. Springer, Berlin, Heidelberg. https://doi.org/10.1007/3-540-28727-2_15
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