| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15833 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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