The business cycle implications of reciprocity in labor relations
成果类型：
Article
署名作者：
Danthine, Jean-Pierre; Kurmann, Andre
署名单位：
University of Quebec; University of Quebec Montreal
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.08.006
发表日期：
2010
页码：
837-850
关键词：
摘要：
A reciprocity-based model of wage determination is incorporated into a modern dynamic general equilibrium framework and estimated on U.S. data. The estimation reveals that rent-sharing (between workers and firms) and wage entitlement (based on past wages) are important determinants of wage setting for the model to fit the dynamic responses of output, wages and inflation to various exogenous shocks. Aggregate employment conditions (measuring workers' outside option), on the other hand, are found to play only a negligible role for wage setting. These results are consistent with micro-studies on reciprocity in labor relations but contrast with traditional efficiency wage models which emphasize aggregate labor market variables as the determinants of wage setting. (C) 2010 Elsevier B.V. All rights reserved.
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