G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15833
DP15833 When Hosios meets Phillips: Connecting efficiency and stability to demand shocks
Nicolas Petrosky-Nadeau; Etienne Wasmer; Philippe Weil
发表日期2021-02-22
出版年2021
语种英语
摘要In an economy with frictional goods and labor markets there exist a price and a wage that implement the constrained efficient allocation. This price maximizes the marginal revenue of labor, balancing a price and a trading effect on firm revenue, and this wage trades off the benefits of job creation against the cost of turnover in the labor market. We show under bargaining over prices and wages that a double Hosios condition: (i) implements the constrained efficient allocation; (ii) also minimizes the elasticity of labor market tightness and job creation to a demand shock, and; (iii) that the relative response of wages to that of unemployment to changes in demand flattens as workers lose bargaining power, and it is steepest when there is efficient rent sharing in the goods market between consumers and producers, thereby relating changes in the slope of a wage Phillips curve to the constrained efficiency of allocations.
主题Labour Economics ; Monetary Economics and Fluctuations
关键词Aggregate demand Unemployment Search and matching frictions market power Constrained efficiency Wage phillips curve
URLhttps://cepr.org/publications/dp15833
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/544830
推荐引用方式
GB/T 7714
Nicolas Petrosky-Nadeau,Etienne Wasmer,Philippe Weil. DP15833 When Hosios meets Phillips: Connecting efficiency and stability to demand shocks. 2021.
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