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A General Equilibrium Macro Model with Wage Bargaining

Author

Listed:
  • Hans Jørgen Jacobsen

    (Institute of Economics, University of Copenhagen)

  • Christian Schultz

    (Institute of Economics, University of Copenhagen)

Abstract

In a general equilibrium macro model with wage bargaining, agents are divided into capitalists and workers. The markets for produced goods and money are competitive, but the wage rate is determined by negotiation between an employers' union and a trade union. Unions are supposed to be "long sighted" and care about members' utilities in stationary states. Nash bargaining equilibria are characterized by unemployment for certain parameter values. This unemployment is persistent in the sense that it appears in an equilibrium with endogenous prices. A neutrality result for monetary policy is also shown.

Suggested Citation

  • Hans Jørgen Jacobsen & Christian Schultz, 1987. "A General Equilibrium Macro Model with Wage Bargaining," Discussion Papers 87-05, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:8705
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    Cited by:

    1. Pierre Cahuc, 1990. "La théorie des négociations salariales : une revue de la littérature," Économie et Prévision, Programme National Persée, vol. 92(1), pages 21-30.

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