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http://hdl.handle.net/10419/20255
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| Title: | | Profit Sharing, Credit Market Imperfections and Equilibrium Unemployment  |
| Authors: | | Koskela, Erkki Stenbacka, Rune |
| Issue Date: | | 2004 |
| Series/Report no.: | | IZA Discussion paper series 1020 |
| Abstract: | | We investigate the interaction between labour and credit market imperfections for equilibrium unemployment 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 benefit-replacement ratio high enough. Finally, we show that higher bankruptcy risks increase equilibrium unemployment under similar conditions. |
| Subjects: | | wage and loan bargaining compensation systems equilibrium unemployment outside options |
| JEL: | | G32 J41 J51 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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