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Botero, Juan Carlos; Djankov, Simeon; La Porta, Rafael; … - 2021

We investigate the regulation of labor markets through employment laws, collective bargaining laws, and social security laws in 85 countries. We find that richer countries regulate labor less than poorer countries do, although they have more generous social security systems. The political power...

Persistent link: https://www.econbiz.de/10013244876

Unions in a Frictional Labor Market

Krusell, Per - 2012

A labor market with search and matching frictions, where wage setting is controlled by a monopoly union that follows a … future wages, the union achieves efficient hiring in the long run, but hikes up wages in the short run to appropriate rents … quantitative impact is demonstrated in an extended model with partial union coverage and multi- period union contracting …

Persistent link: https://www.econbiz.de/10013103813

Labor-Market Matching with Precautionary Savings and Aggregate Fluctuations

Krusell, Per - 2009

We analyze a Bewley-Huggett-Aiyagari incomplete-markets model with labor-market frictions. Consumers are subject to idiosyncratic employment shocks against which they cannot insure directly. The labor market has a Diamond-Mortensen-Pissarides structure: firms enter by posting vacancies and match...

Persistent link: https://www.econbiz.de/10013156859

The Inflation-Unemployment Trade-Off at Low Inflation

Benigno, Pierpaolo - 2010

Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation;...

Persistent link: https://www.econbiz.de/10012759324

The Effect of Unions on Employment : Evidence from an Unnatural Experiment in Uruguay

Cassoni, Adriana; Allen, Steven G.; Labadie, Gaston J. - 2021

This study examines the impact of unions on wages and employment using data from Uruguay in a period where unions were banned (1973-1984), then legalized with tripartite bargaining (1984-1991) followed by industry-wide or firm-specific bargaining (1992-1997). The relationship between wages and...

Persistent link: https://www.econbiz.de/10013221079

The Quality of Labor Relations and Unemployment

Blanchard, Olivier J.; Philippon, Thomas - 2021

In countries where wages are primarily set by collective bargaining, the effects on unemployment of changes in the economic environment depend crucially on the speed of learning of unions. This speed of learning is likely to depend in turn on the quality of the dialogue that unions have with...

Persistent link: https://www.econbiz.de/10013224217

The Costs of Price Stability - Downward Nominal Wage Rigidity in Europe

Holden, Steinar - 2021

In most European countries, the prevailing terms of employment, including the nominal wage, can only be changed by mutual consent. I show that this feature implies that workers have a strategic advantage in the wage negotiations when they try to prevent a cut in nominal wages. If inflation is so...

Persistent link: https://www.econbiz.de/10013237923

The Return of the Wage Phillips Curve

Galí, Jordi - 2010

The standard New Keynesian model with staggered wage setting is shown to imply a simple dynamic relation between wage inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical applications-starting with the original Phillips (1958)...

Persistent link: https://www.econbiz.de/10013147605

Unemployment and Business Cycles

Christiano, Lawrence J. - 2013

We develop and estimate a general equilibrium search and matching model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, we do not impose wage inertia. Instead we derive wage inertia...

Persistent link: https://www.econbiz.de/10013078311

Unemployment Crises

Petrosky-Nadeau, Nicolas - 2013

A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can potentially explain the large unemployment dynamics in the Great Depression. The limited response of wages to labor market conditions from credible bargaining and the congestion...

Persistent link: https://www.econbiz.de/10013079211

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