Jimeno, Juan F.; Thomas, Carlos - Banco de España - 2011
-Pissarides economy with firm-specific productivity shocks. Our main theoretical results are twofold. First, unemployment is lower under … firm-level bargaining Second, introducing efficient opting-out of sector-level agreements suffices to bring unemployment … unemployment rate is about 5 percentage points lower under firm-level bargaining or efficient opting out than under sector …