Author: Pierre Cahuc
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
Book Description
Labor Market Efficiency, Wages and Employment when Search Frictions Interact with Intrafirm Bargaining
Labour Market Efficiency, Wages and Employment when Search Frictions Interact with Intrafirm Bargaining
Author: Pierre Cahuc
Publisher:
ISBN:
Category : Employment (Economic theory)
Languages : en
Pages : 28
Book Description
Publisher:
ISBN:
Category : Employment (Economic theory)
Languages : en
Pages : 28
Book Description
Labor, Credit, and Goods Markets
Author: Nicolas Petrosky-Nadeau
Publisher: MIT Press
ISBN: 0262036452
Category : Business & Economics
Languages : en
Pages : 271
Book Description
An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.
Publisher: MIT Press
ISBN: 0262036452
Category : Business & Economics
Languages : en
Pages : 271
Book Description
An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.
Search Frictions and the Labor Wedge
Author: Mr.Andrea Pescatori
Publisher: International Monetary Fund
ISBN: 1455262404
Category : Business & Economics
Languages : en
Pages : 31
Book Description
This paper shows that labor market search frictions do not explain fluctuations in the labor wedge per se. However, the introduction of extensive and intensive margin clarifies that measuring the MRS in terms of total hours artificially introduces procyclicality in the MRS. When the MRS is correctly measured in terms of hours per worker, the labor wedge obtained is less variable than the one of the competitive model. Finally, we show that it is possible to measure a strongly procyclical labor wedge when the actual data generating process is a search model that allows for movements in both margins.
Publisher: International Monetary Fund
ISBN: 1455262404
Category : Business & Economics
Languages : en
Pages : 31
Book Description
This paper shows that labor market search frictions do not explain fluctuations in the labor wedge per se. However, the introduction of extensive and intensive margin clarifies that measuring the MRS in terms of total hours artificially introduces procyclicality in the MRS. When the MRS is correctly measured in terms of hours per worker, the labor wedge obtained is less variable than the one of the competitive model. Finally, we show that it is possible to measure a strongly procyclical labor wedge when the actual data generating process is a search model that allows for movements in both margins.
A Theory of Wages and Labor Demand with Intra-Firm Bargaining and Matching Frictions
Author: Pierre Cahuc
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
This article provides a model of labor market equilibrium with search and within-firm strategic bargaining. We yield explicit closed form solutions with heterogeneous labor inputs and capital. The solution exhibits overemployment. We show that higher relative bargaining power for some groups of workers may lead to overemployment relative to other groups, with such other groups being underemployed instead if they have a lower relative bargaining power. Similarly, the hold-up problem between capitalists and employees does not necessarily lead to underinvestment in physical capital.
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
This article provides a model of labor market equilibrium with search and within-firm strategic bargaining. We yield explicit closed form solutions with heterogeneous labor inputs and capital. The solution exhibits overemployment. We show that higher relative bargaining power for some groups of workers may lead to overemployment relative to other groups, with such other groups being underemployed instead if they have a lower relative bargaining power. Similarly, the hold-up problem between capitalists and employees does not necessarily lead to underinvestment in physical capital.
Bargaining Versus Efficiency Wages in a Dynamic Labor Market
Author: Jon Strand
Publisher:
ISBN: 9788257091842
Category :
Languages : en
Pages : 31
Book Description
Publisher:
ISBN: 9788257091842
Category :
Languages : en
Pages : 31
Book Description
Employment Protection and Unemployment in an Efficiency Wage Model
Author: Maia Güell
Publisher:
ISBN:
Category : Efficiency wage theory
Languages : en
Pages : 28
Book Description
Publisher:
ISBN:
Category : Efficiency wage theory
Languages : en
Pages : 28
Book Description
Wage Bargaining in Industries with Market Power
Author: Atilano Jorge Padilla
Publisher:
ISBN:
Category : Labor economics
Languages : en
Pages : 44
Book Description
El trabajo trata de investigar como los salarios equilibrados y el empleo, reaccionan para cambiar en el mercado laboral y productivo, el ciclo económico y la política económica.
Publisher:
ISBN:
Category : Labor economics
Languages : en
Pages : 44
Book Description
El trabajo trata de investigar como los salarios equilibrados y el empleo, reaccionan para cambiar en el mercado laboral y productivo, el ciclo económico y la política económica.
Wage Bargaining in Industries with Market Power
Author: A. Jorge Padilla
Publisher:
ISBN:
Category : Industrial relations
Languages : en
Pages : 64
Book Description
Explores the nature of interactions among firms and among trade unions, when setting wages within an oligopolistic market.
Publisher:
ISBN:
Category : Industrial relations
Languages : en
Pages : 64
Book Description
Explores the nature of interactions among firms and among trade unions, when setting wages within an oligopolistic market.