Claas, Oliver - In: Essays on wage bargaining in dynamic macroeconomics, (pp. 9-66). 2019
This chapter analyzes the implications of efficient wage–employment bargaining in a closed monetary macroeconomic model … all levels of bargaining power. These induce the determination of real allocations as well as nominal prices, wages … output and employment effects under a negative general-equilibrium price feedback. Equilibria under efficient bargaining are …