search query: @author Stenbacka, R. / total: 13
reference: 4 / 13
| Author: | Koskela, E. Stenbacka, R. |
| Title: | Profit sharing, credit market imperfections and equilibrium unemployment |
| Journal: | Scandinavian Journal of Economics
2004 : VOL. 106:4, p. 677-701 |
| Index terms: | Compensation Credit markets Unemployment Wage determination |
| Language: | eng |
| Abstract: | The interaction between labour and credit market imperfections is investigated for equilibrium unemployement in the presence of profit sharing. In a partial equilibrium with exogenous outside options, increased bargaining power of banks has adverse employment effects. In a general equilibrium with endogenous outside options, this relationship is frequently reversed; reduced credit market imperfections increase equilibrium unemployment if the labour market imperfections - measured by the bargaining power of trade unions - are sufficiently strong and the benefit-replacement ratio is sufficiently high. |
SCIMA