The 'Rajan Hypothesis' : A Counter-Factual Experiment

We integrate a centralized wage bargaining process into an otherwise standard DSGE model with a financial accelerator to simulate distributional shocks in the presence of financial instability. Our framework provides a counterfactual analysis of the effects of the observed decrease in the labor share when no concomitant rise in households' credit offsets the adverse effect on consumption. The result is a prolonged under-consumption recession that outweighs the initial boost in investment

Year of publication:	2018
Authors:	Coronese, Matteo
Other Persons:	Salle, Isabelle (contributor)
Publisher:	[2018]: [S.l.] : SSRN

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