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Fairness Considerations in Labor Union Wage Setting: A Theoretical Analysis
Strifler, Matthias; Beissinger, Thomas - Institute for the Study of Labor (IZA) - 2012
We consider a theoretical model in which unions not only take the outside option into account, but also base their wage-setting decisions on an internal reference, called the fairness reference. Wage and employment outcomes and the shape of the aggregate wage-setting curve depend on the weight...
Persistent link: https://www.econbiz.de/10010570796
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Fairness, Reciprocity, and Wage Rigidity
Bewley, Truman - Institute for the Study of Labor (IZA) - 2004
This paper contains a review of empirical work related to wage rigidity, where researchers have collected their own data. The work includes field studies, economic experiments, and psychological surveys. Economists have done the field studies and experiments, and management scientists and...
Persistent link: https://www.econbiz.de/10005761979
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Wage Rigidity or Fiscal Redistribution? The Unemployment Bias of Time Consistent Redistributive Policies
Lehmann, Etienne - Institute for the Study of Labor (IZA) - 2006
with less perverse effect on unemployment. Time inconsistency is more likely due to lack of credibility than to the short …
Persistent link: https://www.econbiz.de/10005566341
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Unemployment, Growth and Fiscal Policy: New Insights on the Hysteresis Hypothesis
Raurich, Xavier; Sala, Hector; Sorolla, Valeri - Institute for the Study of Labor (IZA) - 2004
We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and …
Persistent link: https://www.econbiz.de/10005822131
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The Return of the Long-Run Phillips Curve
Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2002
-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10005822071
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The Macroeconomics of Labor and Credit Market Imperfections
Wasmer, Etienne; Weil, Philippe - Institute for the Study of Labor (IZA) - 2000
Labor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections … European and US unemployment differ so much when labor markets have become more similar at the margin in Europe and the US. To …
Persistent link: https://www.econbiz.de/10005822324
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009021640
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A Reappraisal of the Inflation-Unemployment Tradeoff
Snower, Dennis; Karanassou, Marika; Sala, Hector - Institute for the Study of Labor (IZA) - 2002
these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the …
Persistent link: https://www.econbiz.de/10005761764
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Hyperbolic Discounting and the Phillips Curve
Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2008
Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.
Persistent link: https://www.econbiz.de/10005763519
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Monetary Policy and Swedish Unemployment Fluctuations
Alexius, Annika; HOLMLUND, BERTIL - Institute for the Study of Labor (IZA) - 2007
such as unemployment. Previous studies indicate that monetary policy affects the output gap only at business cycle … frequencies, but the effects on unemployment may well be more persistent in countries with highly regulated labor markets. We … study the Swedish experience of unemployment and monetary policy. Using a structural VAR we find that around 30 percent of …
Persistent link: https://www.econbiz.de/10005763620