The marketable permits systems have been widely suggested as a potential solution for environmental problems. A critical feature in the market is that an agent can be both sellers and buyers of permits, so-called "trader settings." Although properties 10 of the marketable permits in non-trader...

This paper studies the role of extensive and intensive margins of labor adjustment overbusiness cycle in Japan. We find that the intensive margin accounts for much of total hours worked variation, and its contribution to the fluctuation of total hours worked is about 77%. This result is in sharp...