Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/55554 
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dc.contributor.authorRotemberg, Julio J.en
dc.date.accessioned2006-03-08-
dc.date.accessioned2012-02-23T07:59:37Z-
dc.date.available2012-02-23T07:59:37Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/55554-
dc.description.abstractThis paper presents a complete general equilibrium model with flexible wages, where the degree to which wages and productivity change when cyclical employment changes is roughly consistent with postwar U.S. data. Firms with market power are assumed to bargain simultaneously with many employees, each of whom finds himself matched with a firm only after a process of search. When employment increases as a result of reductions in market power, the marginal product of labor falls. This fall tempers the bargaining power of workers and thus dampens the increase in their real wages. The procyclical movement of wages is dampened further if the posting of vacancies is subject to increasing returns.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen
dc.relation.ispartofseries|aWorking Papers |x06-5en
dc.subject.jelE24en
dc.subject.jelE37en
dc.subject.jelJ64en
dc.subject.ddc330en
dc.subject.stwBetriebsgrößeen
dc.subject.stwMarktmachten
dc.subject.stwLohnverhandlungenen
dc.subject.stwLohnniveauen
dc.subject.stwArbeitsproduktivitäten
dc.subject.stwKonjunkturen
dc.subject.stwÖkonometrisches Modellen
dc.titleCyclical wages in a search-and-bargaining model with large firms-
dc.typeWorking Paperen
dc.identifier.ppn508635543en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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