Non-Walrasian Labor Market and the European Business Cycle
Abstract
This paper investigates to what extent a New Keynesian, monetary model with the addition of a microfounded, non-Walrasian labor market based on union bargaining is able to replicate key aspects of the European business cycle. The presence of a representative union permits to explain two features of the cycle. First, it generates an endogenous mechanism which produces persistent responses of the economy to both supply and demand shocks. Second, labor unionization causes a lower elasticity of marginal costs to output. This leads to lower inflation volatility. The model can replicate the negative correlation between productivity shocks and employment in the data. Model simulations show the superiority of the unionized framework to reproduce European business cycle statistics relative to a model with competitive labor market.Download Info
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Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 574.Length: 35 pages
Date of creation: 01 Apr 2003
Date of revision: 20 May 2004
Handle: RePEc:boc:bocoec:574
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Keywords: trade unions; business cycle; inflation; persistance;Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
This paper has been announced in the following NEP Reports:
- NEP-EEC-2003-09-28 (European Economics)
- NEP-LAB-2003-09-28 (Labour Economics)
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Fabrizio Mattesini & Lorenza Rossi, 2007.
"Productivity shocks and Optimal Monetary Policy in a Unionized Labor Market Economy,"
DISCE - Quaderni dell'Istituto di Economia e Finanza
ief0072, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
- Fabrizio Mattesini & Lorenza Rossi, 2008. "Productivity Shocks And Optimal Monetary Policy In A Unionized Labor Market Economy," Manchester School, University of Manchester, vol. 76(5), pages 578-611, 09.
- Mattesini, Fabrizio & Rossi, Lorenza, 2006. "Productivity shocks and Optimal Monetary Policy in a Unionized Labor Market Economy," MPRA Paper 1139, University Library of Munich, Germany, revised Nov 2006.
- Mattesini Fabrizio & Rossi Lorenza, 2007. "Productivity shocks and optimal monetary policy in a unionized labor market economy," wp.comunite 0023, Department of Communication, University of Teramo.
- Francesco Zanetti, 2006. "Labor Market Institutions and Aggregate Fluctuations in a Search and Matching Model," Computing in Economics and Finance 2006 445, Society for Computational Economics.
- Ardagna, Silvia, 2007. "Fiscal policy in unionized labor markets," Journal of Economic Dynamics and Control, Elsevier, vol. 31(5), pages 1498-1534, May.
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