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| Tekijä: | Pissarides, C. A. |
| Otsikko: | Search, wage bargains and cycles. (!Job matching) |
| Lehti: | Review of Economic Studies
1987 : JUL, VOL. 54:179, p. 473-483 |
| Asiasana: | PAY EQUILIBRIUM THEORY UNEMPLOYMENT |
| Kieli: | eng |
| Tiivistelmä: | An equilibrium model of job matchings with Nash wage equation is used to derive the respond of wages and unemployment to productivity shocks. An explanation is offered for the observation that over the cycle small wage changes are associated with changes in unemployment, whereas secularly wage growth does not seem to affect the rate of employment. By endogenizing labour's threat point it is shown that wages absorb fully permanent shock but only partially temporary shocks. Hence, unemployment responds to perceived temporary shocks but not to permanent shocks. |
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