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Wage Bargaining, Labor Turnover, and the Business Cycle: A Model with Asymmetric Information / Motty Perry, Gary Solon.
- Format:
- Book
- Author/Creator:
- Perry, Motty.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w1359.
- NBER working paper series no. w1359
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Wage Bargaining, Labor Turnover, and the Business Cycle
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1984.
- Summary:
- This paper presents a wage bargaining model in which the employer and employee are each uncertain about the other's reservation wage. Under specified circumstances, the model's equilibrium is shown to involve unilateral wage setting and inefficient labor turnover. In addition, aggregate demand shocks affect the equilibrium in a way that produces procyclical quits and countercyclical layoffs.These results are obtained without resorting to assumptions of nominal wage rigidity, long-term contracting, or aggregate price misperceptions.
- Notes:
- Print version record
- May 1984.
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