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Macroeconomic stability or cyles? : the role of the wage-price spiral

Kolsrud, Dag; Nymoen, Ragnar - 2010

We derive aggregate supply (AS) relationships for an intermediate-run macro model. The wage-price spiral provides the conceptual framework for a synthesis of different contesting theoretical and empirical perspectives on the AS curve: the Phillips curve model (PCM) and the wage-price equilibrium...

Persistent link: https://www.econbiz.de/10003969307

Do Minimum Wages Make Wages More Rigid? Evidence from French Micro Data

Gautier, Erwan - 2019

How do minimum wages (MW) shape the aggregate wage dynamics when wage adjustment is lumpy? In this paper, we document new empirical findings on the effect of MW on wage rigidity using quarterly micro wage data matched with sectoral bargained MW. We estimate a micro empirical model of wage...

Persistent link: https://www.econbiz.de/10012869631

Downward Wage Rigidities and Recession Dynamics in Advanced and Emerging Economies

Matschke, Johannes; Nie, Jun - 2022

Downward wage rigidity limits the downward adjustment of wages, especially during recessions. Although macroeconomic models generally suggest that wage rigidity exacerbates employment losses and generates asymmetric business cycles, direct empirical evidence is scarce. In this paper, we...

Persistent link: https://www.econbiz.de/10014077303

Efficiency Wages Revisited: The Internal Reference Perspective (new version)

DANTHINE, Jean-Pierre; KURMANN, André - Départment d'économétrie et d'économie politique … - 2004

The missing wage rigidity in general equilibrium models of effciency wages is an artifact of the external wage reference perspective conventionally adopted by the literature. Effciency wage models based on an internal perspective, in which the wage reference is made dependent on the firm's...

Persistent link: https://www.econbiz.de/10005481811

How cyclical is the user cost of labor?

Kudlyak, Marianna - 2024

In employment relationships, a wage is an installment payment on an implicit long-term agreement between a worker and a firm. The price of labor that impacts firm's hiring decisions, instead, reflects the hiring wage as well as the impact of economic conditions at the time of hiring on future...

Persistent link: https://www.econbiz.de/10014507553

The quality-adjusted cyclical price of labor

Bils, Mark; Kudlyak, Marianna; Lins, Paulo - 2023

Typical measures of wages, such as average hourly earnings, fail to capture cyclicality in the effective cost of labor in the presence of (i) cyclical fluctuations in the quality of worker-firm matches, or (ii) wages being smoothed within employment matches. To address both concerns, we estimate...

Persistent link: https://www.econbiz.de/10014248987

The Business Cycle Implications of Reciprocity in Labor Relations

Danthine, Jean-Pierre; Kurmann, André - Centre Interuniversitaire sur le Risque, les Politiques … - 2007

We develop a reciprocity-based model of wage determination and incorporate it into a moder dynamic general equilibrium … a negligible role in wage setting. These results are broadly consistent with micro-studies on reciprocity in labor … postulating nominal wage contracts. In particular, the reciprocity model is more successful in generating the sharp and …

Persistent link: https://www.econbiz.de/10005015304

The Business Cycle Implications of Reciprocity in Labor Relations

Kurmann, Andre; Danthine, Jean-Pierre - Schweizerische Nationalbank (SNB) - 2010

We develop a reciprocity-based model of wage determination and incorporate it into a modern dynamic general equilibrium … reciprocity in labor relations but contrast with traditional efficiency wage models which emphasize aggregate labor market …

Persistent link: https://www.econbiz.de/10008523825

The Business Cycle Implications of Reciprocity in Labour Relations

Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2007

We develop a reciprocity-based model of wage determination and incorporate it into a modern dynamic general equilibrium … a negligible role in wage setting. These results are broadly consistent with micro-studies on reciprocity in labour … postulating nominal wage contracts. In particular, the reciprocity model is more successful in generating the sharp and …

Persistent link: https://www.econbiz.de/10005136735

The Business Cycle Implications of Reciprocity in Labor Relations

Danthine, Jean-Pierre; Kurmann, Andre - Schweizerische Nationalbank (SNB) - 2010

Persistent link: https://www.econbiz.de/10008917447