| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23647 |
| 来源ID | Working Paper 23647 |
| Bargaining Shocks and Aggregate Fluctuations | |
| Thorsten Drautzburg; Jesús Fernández-Villaverde; Pablo Guerrón-Quintana | |
| 发表日期 | 2017-08-07 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We argue that social and political risk causes significant aggregate fluctuations by changing workers' bargaining power. Using a Bayesian proxy-VAR estimated with U.S. data, we show how distribution shocks trigger output and unemployment movements. To quantify the aggregate importance of these distribution shocks, we extend an otherwise standard neoclassical growth economy. We model distribution shocks as exogenous changes in workers' bargaining power in a labor market with search and matching. We calibrate our economy to the U.S. corporate non-financial business sector, and we back out the evolution of workers' bargaining power. We show how the estimated shocks agree with the historical narrative evidence. We document that bargaining shocks account for 28% of aggregate fluctuations and have a welfare cost of 2.4% in consumption units. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w23647 |
| 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/581321 |
| 推荐引用方式 GB/T 7714 | Thorsten Drautzburg,Jesús Fernández-Villaverde,Pablo Guerrón-Quintana. Bargaining Shocks and Aggregate Fluctuations. 2017. |
| 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 | ||
| w23647.pdf（1456KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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