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Unemployment fluctuations with staggered Nash bargaining
- A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and Pissarides has difficulty accounting for the relatively volatile behavior of labor market activity over the business cycle. We address this issue by modifying the MP framework to allow for staggered multiperiod wage contracting. What emerges is a tractable relation for wage dynamics that is a natural generalization of the period-by-period Nash bargaining outcome in the conventional formulation. An interesting side-product is the emergence of spillover effects of average wages on the bargaining process. We then show that a reasonable calibration of the model can account well for the cyclical behavior of wages and labor market activity observed in the data. The spillover effects turn out to be important in this respect. JEL Classification: E32, E50, J64
| Verfasserangaben: | Mark Gertler, Antonella Trigari |
|---|---|
| URN: | urn:nbn:de:hebis:30-38193 |
| Titel des übergeordneten Werkes (Deutsch): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2007,09 |
| Schriftenreihe (Bandnummer): | CFS working paper series (2007, 09) |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2006 |
| Jahr der Erstveröffentlichung: | 2006 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 23.02.2007 |
| Freies Schlagwort / Tag: | Labor Market; Nash Bargaining; Unemployment; Wage Rigidity |
| GND-Schlagwort: | Arbeitsmarkt; Arbeitslosigkeit; Tarifverhandlung; Lohnstarrheit |
| Ausgabe / Heft: | Version July 2006 |
| Seitenzahl: | 51 |
| HeBIS-PPN: | 190227435 |
| Institute: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
