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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

Propping Up the Wage Floor : Collective Labor Supply Without Unions

Breza, Emily - 2019

Social norms have the potential to alter the functioning of economic markets. We test whether norms shape the aggregate labor supply curve by leading decentralized individuals to maintain wage floors in their local labor markets. We partner with existing employers who create new jobs for workers...

Persistent link: https://www.econbiz.de/10012869538

Intra Firm Bargaining and Shapley Values

Bruegemann, Bjoern - 2015

The paper revisits the problem of wage bargaining between a firm and multiple workers. We show that the Subgame Perfect Equilibrium of the extensive-form game proposed by Stole and Zwiebel (1996a) does not imply a profile of wages and profits that coincides with the Shapley values as claimed in...

Persistent link: https://www.econbiz.de/10013016648

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

Staggered Wage Setting Without Money Illusion : Variations on a Theme of Taylor

Buiter, Willem H.; Jewitt, Ian - 2021

In a number of influential recent papers, Taylor (1979a, b; 1980a, b) has analyzed the behaviour of an economy characterized by staggered over-lapping wage contracts and rational expectations. His model has the "Keynesian" feature that the second moment of the distribution function of real output...

Persistent link: https://www.econbiz.de/10013221541

Staggered Price and Wage Setting in Macroeconomics

Taylor, John B. - 2021

This paper reviews the role of temporary price and wage rigidities in explaining the dynamic relationship between money, real output, and inflation. It summarizes microeconomic data on price and wage setting behavior, and argues that staggered price and wage setting models provide the most...

Persistent link: https://www.econbiz.de/10013223321

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

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