show how distribution shocks cause movements in output and unemployment. To quantify the importance of these political … exogenous changes in the bargaining power of workers in a labor market with search and matching. We calibrate the model to the U …

. Using a Bayesian proxy-VAR estimated with U.S. data, we show how distribution shocks trigger output and unemployment … and matching. We calibrate our economy to the U.S. corporate non-financial business sector, and we back out the evolution …

. Using a Bayesian proxy-VAR estimated with U.S. data, we show how distribution shocks trigger output and unemployment … and matching. We calibrate our economy to the U.S. corporate nonfinancial business sector, and we back out the evolution …