Similar Search Results

Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe

Gordon, Robert J - C.E.P.R. Discussion Papers - 1986

. Results are presented for the United States, Japan, and an aggregate called "Europe" consisting of eleven European economies …. The primary theme of the paper is that the differences between Europe and the United States have been substantially … exaggerated in recent work. Europe has neither greater nominal wage flexibility nor more rigid real wages than the United States …

Persistent link: https://www.econbiz.de/10005789135

Wages and Unemployment Half a Century on

Minford, Patrick - C.E.P.R. Discussion Papers - 1988

The paper surveys recent analyses of rising unemployment in Europe based on the concept of the natural rate. It argues …

Persistent link: https://www.econbiz.de/10005792267

Wage Rigidity and Monetary Union

Dellas, Harris; Tavlas, George - C.E.P.R. Discussion Papers - 2003

We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy. Unlike Friedman's (1953) case for flexible rates, we find that countries with high degree of nominal wage rigidity are better off in a monetary union. Their benefits increase...

Persistent link: https://www.econbiz.de/10005504261

Post-Reform East and West: Capital Accumulation and the Labor Mobility Constraint

Wyplosz, Charles - C.E.P.R. Discussion Papers - 1991

Assuming that economic reforms are successful in Eastern Europe, what will be the effects on Western Europe? The focus …

Persistent link: https://www.econbiz.de/10005504320

The Macroeconomic Consequences of Reciprocity in Labour Relations

Danthine, Jean-Pierre; Kurmann, Andre - C.E.P.R. Discussion Papers - 2005

We develop and analyse a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an explicit trade-off between the disutility of providing effort and the psychological benefit of reciprocating the gift of a wage offer above some reference level. The model...

Persistent link: https://www.econbiz.de/10005504485

Wage Rigidity, Implicit Contracts, Unemployment and Economic Efficiency

Newbery, David M G; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 1985

Implicit contract theory has been successful in explaining wage rigidity but not unemployment. We argue that the theory has paid insufficient attention to (i) the general equilibrium aspects and (ii) constraints limiting the set of feasible contracts. Implicit, as opposed to explicit contracts,...

Persistent link: https://www.econbiz.de/10005504702

Reference Dependence and Labor-Market Fluctuations

Eliaz, Kfir; Spiegler, Ran - C.E.P.R. Discussion Papers - 2012

We incorporate reference-dependent preferences into a search-and-matching model of the labor market, in which firms have all the bargaining power and productivity follows an AR(1) process. Motivated by Akerlof (1982) and Bewley (1999), we assume that existing workers are willing to exert unobserved,

Persistent link: https://www.econbiz.de/10011083374

Wage Rigidity and Job Creation

Haefke, Christian; Sonntag, Marcus; van Rens, Thijs - C.E.P.R. Discussion Papers - 2012

Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to changes in aggregate labor market conditions. The wage of new...

Persistent link: https://www.econbiz.de/10011084442

The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery

Schmitt-Grohé, Stephanie; Uribe, Martín - C.E.P.R. Discussion Papers - 2012

The great contraction of 2008 pushed the U.S. economy into a protracted liquidity trap (i.e., a long period with zero nominal interest rates and inflationary expectations below target). In addition, the recovery was jobless (i.e., output growth recovered but unemployment lingered). This paper...

Persistent link: https://www.econbiz.de/10011084691

The Employment Effects of Severance Payments with Wage Rigidities

Garibaldi, Pietro; Violante, Giovanni L - C.E.P.R. Discussion Papers - 2004

Firing costs due to employment protection legislation have two separate dimensions: a transfer from the firm to the worker to be laid off and a tax paid outside the firm-worker pair. We document that quantitatively transfers are a much larger component than taxes. Nevertheless, to avoid the...

Persistent link: https://www.econbiz.de/10005656295