English, Article, Journal or magazine article edition: Individual Wage Bargaining and Business Cycles Monique Ebell

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Bookmark: http://trove.nla.gov.au/version/30649
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Individual Wage Bargaining and Business Cycles
Author
  • Monique Ebell
Physical Description
  • preprint
Notes
  • This paper examines the business cycle properties of business cycle models with search frictions and wage bargaining which rely not only on labor, but also on capital in the production function. In the presence of capital, the choice of bargaining framework matters, even under perfect competition and constant returns to scale. In particular, under individual bargaining, the welfare theorems do not hold, due to a hold-up effect in capital and a hiring externality, so that solving a planner's problem is not sufficient. I examine the business cycle properties of the decentralized model with individual bargaining under alternative calibration strategies
  • Business Cycles, Wage Bargaining, Search Frictions, Capital
  • RePEc:red:sed006:755
Language
  • English
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