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Inefficient Unemployment and Bargaining Friction
Yuen, C. Y. Kelvin - 2019
This paper explores the possibility of privately inefficient job separations due to bargaining friction and its … implications for the unemployment dynamics. I propose a simple specification of bargaining friction by including bargaining wedges … in the standard Nash bargaining model. Such bargaining wedge arises when, for example, wages are determined by …
Persistent link: https://www.econbiz.de/10012893924
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Expected inflation, sunspots equilibria and persistent unemployment fluctuations
Dufourt, Frédéric; Lloyd-Braga, Teresa; Modesto, Leonor - 2009
inflation (sunspot shocks) affecting nominal wage bargaining. Since the estimated parameters fall near the locus of Hopf … bargaining …
Persistent link: https://www.econbiz.de/10003879337
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Deep habits and the cyclical behaviour of equilibrium unemployment and vacancies
Pace, Federico di; Faccini, Renato - 2010
cycles ; labour market fluctuations ; search and matching ; wage bargaining …
Persistent link: https://www.econbiz.de/10003969378
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Unemployment crises
Petrosky-Nadeau, Nicolas; Zhang, Lu - 2014 - Last rev.: July 16, 2014
potentially explain the unemployment crisis in the Great Depression. The limited responses of wages from credible bargaining to …
Persistent link: https://www.econbiz.de/10010411443
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Search and matching frictions and business cycle fluctuations in Bulgaria
Vasilev, Aleksandar - 2016
In this paper we investigate the quantitative importance of search and matching fric- tions in Bulgarian labor markets. This is done by augmenting an otherwise standard real business cycle model a la Long and Plosser (1983) with both a two-sided costly search and fiscal policy. This introduces a...
Persistent link: https://www.econbiz.de/10011498689
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Instability of Capitalism Inflation, Unemployment, and Business Cycles
Mouhammed, Adil - 2013
This paper investigates the instability of capitalism defined as a condition under which capitalism creates inflation, unemployment, and business cycles. Great economists such as Marx, Veblen, and Schumpeter have examined this problem, concluding that capitalist instability will transform...
Persistent link: https://www.econbiz.de/10013081321
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Unemployment Crises
Petrosky-Nadeau, Nicolas - 2020
An equilibrium search model with credible bargaining, when calibrated to the mean and volatility of postwar …
Persistent link: https://www.econbiz.de/10012843442
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Heterogeneity in Staggered Wage Bargaining and Unemployment Volatility Puzzle
Kara, Engin - 2017
It has been noted that the search and matching model cannot account for the observed unemployment fluctuations. Gertler and Trigari (2009) show this weakness of the model disappears when wage stickiness is introduced to the model. Pissarides (2009) disagrees with this modification, arguing that...
Persistent link: https://www.econbiz.de/10012951773
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Credible Wage Bargaining and the Joint Dynamics of Unemployment and Inflation
Clerc, Pierrick - 2015
hours per worker. In this paper, real wage stickiness stems from wage bargaining with credible threat points, that we embed … credible bargaining induces strategic complementarities between firms …
Persistent link: https://www.econbiz.de/10013016813
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Unemployment and Business Cycles
Christiano, Lawrence J. - 2014
We develop and estimate a general equilibrium model that accounts for key business cycle properties of macroeconomic aggregates, including labor market variables. In sharp contrast to leading New Keynesian models, wages are not subject to exogenous nominal rigidities. Instead we derive wage...
Persistent link: https://www.econbiz.de/10013061907