Title of article
The businesscycleimplicationsofreciprocityinlaborrelations
Author/Authors
Jean-Pierre Danthine، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
14
From page
837
To page
850
Abstract
A reciprocity-basedmodelofwagedeterminationisincorporatedintoamodern
dynamicgeneralequilibriumframeworkandestimatedonU.S.data.Theestimation
revealsthatrent-sharing(betweenworkersandfirms)andwageentitlement(basedon
past wages)areimportantdeterminantsofwagesettingforthemodeltofitthe
dynamicresponsesofoutput,wagesandinflationtovariousexogenousshocks.
Aggregateemploymentconditions(measuringworkers’outsideoption),ontheother
hand, arefoundtoplayonlyanegligibleroleforwagesetting.Theseresultsare
consistentwithmicro-studiesonreciprocityinlaborrelationsbutcontrastwith
traditionalefficiencywagemodelswhichemphasizeaggregatelabormarketvariables
as thedeterminantsofwagesetting
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846432
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