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Example text

At each point in time a bank has a revenue structure that arises from its outstanding loans and a cost structure that is determined by its stock of 46 5 Bank behavior time deposits. The relation between these two structures determines a bank’s profitability. When setting the interest rate for savings each bank evaluates whether the last change of that rate has improved its profitability. The banks estimate their profitability as the relation between total average revenue and total average costs per time period.

In such a situation the households start a new job search while the firm raises its offer in the labor market by the number job applicants that it has just released. However, firms that have postponed certain investments formulate an applicationreserve target. Only applications in excess of that target are released if the firm’s 40 4 Firm behavior sales performance indicates to do so. 2), but it is reduced in the course of the time period if the firm makes sales and the liquidity position changes decisively and it is set to zero at the beginning of the second investment phase.

If a firm receives a job application from a household the firm reduces the size of its offer by one and adds the household to its list of job applicants. The households in this list are kept on hold throughout the investment phase and are hired if the firm decides to invest. However, throughout the investment phase those firms that do not make enough sales, thus not increasing their production target, have to release job applicants. One may think of this as the households’ realizing that they have submitted an application with an employer who is unlikely to hire them, which leads them to withdraw their applications.

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