| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11967 |
| 来源ID | Working Paper 11967 |
| Private Information, Wage Bargaining and Employment Fluctuations | |
| John Kennan | |
| 发表日期 | 2006-01-23 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Shimer (2005) pointed out that although we have a satisfactory theory of why some workers are unemployed at any given time, we don?t know why the number of unemployed workers varies so much over time. The basic Mortensen-Pissarides (1994) model does not generate nearly enough volatility in unemployment, for plausible parameter values. This paper extends the Mortensen-Pissarides model to allow for informational rents. Productivity is subject to publicly observed aggregate shocks, and to idiosyncratic shocks that are seen only by the employer. It is shown that there is a unique equilibrium, provided that the idiosyncratic shocks are not too large. The main result is that small fluctuations in productivity that are privately observed by employers can give rise to a kind of wage stickiness in equilibrium, and the informational rents associated with this stickiness are sufficient to generate relatively large unemployment fluctuations. |
| 主题 | Macroeconomics ; Business Cycles ; Labor Economics ; Unemployment and Immigration ; Microeconomics ; Economics of Information |
| URL | https://www.nber.org/papers/w11967 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569618 |
| 推荐引用方式 GB/T 7714 | John Kennan. Private Information, Wage Bargaining and Employment Fluctuations. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11967.pdf（250KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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