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Nash Bargaining, Credible Bargaining and Efficiency Wages in a Matching Model for the US

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  • James Malcomson
  • Sophocles Mavroeidis

Abstract

This paper incorporates Nash bargaining, credible bargaining and efficiency wages as special cases of an over-arching model of wage determination in a matching model that is used to assess econometrically how well each fits US data.� With Nash bargaining, estimates for worker bargaining power and the value of non-work activity are almost identical to those calibrated by Hagedorn and Manovskii (2008).� However, the over-identifying restrictions are overwhelmingly rejected statistically, as they are for credible bargaining.� Efficiency wages fit the data better, with the over-identifying restrictions not rejected statistically, and result in a lower, more plausible estimated value of non-work activity.

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Bibliographic Info

Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 511.

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Date of creation: 01 Nov 2010
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Handle: RePEc:oxf:wpaper:511

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Keywords: Matching frictions; wage bargaining; efficiency wages; unemployment; shirking;

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  1. Christian Haefke & Marcus Sonntag & Thijs van Rens, 2006. "Wage Rigidity and Job Creation," 2006 Meeting Papers 773, Society for Economic Dynamics.
  2. Rudanko, Leena, 2009. "Labor market dynamics under long-term wage contracting," Journal of Monetary Economics, Elsevier, vol. 56(2), pages 170-183, March.
  3. Marianna Kudlyak, 2011. "The cyclicality of the user cost of labor with search and matching," Working Paper 09-12, Federal Reserve Bank of Richmond.
  4. Yashiv, E., 1999. "The Determinants of Equilibrium Unemployment," Papers 36-99, Tel Aviv.
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Cited by:
  1. Kfir Eliaz & Ran Spiegler, 2013. "Reference Dependence and Labor-Market Fluctuations," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28 National Bureau of Economic Research, Inc.

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