We argue that social and political risk causes significant aggregate fluctuations by changing workers’ bargaining power … growth economy. We model distribution shocks as exogenous changes in workers’ bargaining power in a labor market with search … of workers’ bargaining power. We show how the estimated shocks agree with the historical narrative evidence. We document …

We argue that social and political risk causes significant aggregate fluctuations by changing workers' bargaining power … growth economy. We model distribution shocks as exogenous changes in workers'bargaining power in a labor market with search … of workers' bargaining power. We show how the estimated shocks agree with the historical narrative evidence. We document …

We argue that social and political risk causes significant aggregate fluctuations by changing bargaining power. To that …, modifications in collective bargaining rules, or the end of dictatorships, in a sample of developed and emerging economies. These … exogenous changes in the bargaining power of workers in a labor market with search and matching. We calibrate the model to the U …

We quantify the effects of wage bargaining shocks on macroeconomic aggregates using a structural vector auto …-regression model for Germany. We identify exogenous variation in bargaining power from episodes of minimum wage introduction and … industrial disputes. This narrative information disciplines the impulse responses to a wage bargaining shock of unemployment and …