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A note on the unemployment volatility puzzle : is credible wage bargaining the answer?
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Wang, Bingsong (2022) A note on the unemployment volatility puzzle : is credible wage bargaining the answer? Macroeconomic Dynamics, 26 (1). pp. 250-262. doi:10.1017/S1365100520000024 ISSN 1365-1005.
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WRAP-note-unemployment-volatility-puzzle-credible-wage-answer-Wang-2020.pdf - Accepted Version - Requires a PDF viewer. Download (827Kb) | Preview |
Official URL: https://doi.org/10.1017/S1365100520000024
Abstract
This paper shows that the ability of the credible wage bargaining model to match the observed unemployment volatility hinges on an unrealistic assumption about disagreement payoffs to the firm. Relaxing this assumption can lead to the substantial wage flexibility. As a consequence, the model is unable to capture the observed unemployment volatility.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Unemployment, Unemployment -- Effect of wages on, Wages, Wage bargaining | ||||||||
Journal or Publication Title: | Macroeconomic Dynamics | ||||||||
Publisher: | Cambridge University Press | ||||||||
ISSN: | 1365-1005 | ||||||||
Official Date: | January 2022 | ||||||||
Dates: |
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Volume: | 26 | ||||||||
Number: | 1 | ||||||||
Page Range: | pp. 250-262 | ||||||||
DOI: | 10.1017/S1365100520000024 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | This article has been accepted for publication in a revised form for publication in Macroeconomic Dynamics https://www.cambridge.org/core/journals/macroeconomic-dynamics | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Copyright Holders: | © Cambridge University Press 2020 | ||||||||
Date of first compliant deposit: | 15 January 2020 | ||||||||
Date of first compliant Open Access: | 22 January 2020 | ||||||||
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