| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6587 |
| DP6587 The Business Cycle Implications of Reciprocity in Labour Relations | |
| Jean-Pierre Danthine; Andre Kurmann | |
| 发表日期 | 2007-11-29 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We develop a reciprocity-based model of wage determination and incorporate it into a modern dynamic general equilibrium framework. We estimate the model and find that, among potential determinants of wage policy, rent-sharing (between workers and firms) and a measure of wage entitlement are critical to fit the dynamic responses of hours, wages and inflation to various exogenous shocks. Aggregate employment conditions (measuring workers' outside option), on the other hand, are found to play only a negligible role in wage setting. These results are broadly consistent with micro-studies on reciprocity in labour relations but contrast with traditional efficiency wage models which emphasize aggregate labour market variables as the main determinant of wage setting. Overall, the empirical fit of the estimated model is at least as good as the fit of models postulating nominal wage contracts. In particular, the reciprocity model is more successful in generating the sharp and significant fall of inflation and nominal wage growth in response to a neutral technology shock. |
| 主题 | International Macroeconomics |
| 关键词 | Efficiency wages Estimated dsge models Reciprocity |
| URL | https://cepr.org/publications/dp6587 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535425 |
| 推荐引用方式 GB/T 7714 | Jean-Pierre Danthine,Andre Kurmann. DP6587 The Business Cycle Implications of Reciprocity in Labour Relations. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
