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The Dynamic Wage Barganing Problem

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Author Info
Renuka Metcalfe (University of Swansea)

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Abstract

This paper considers dynamic equilibria in wage bargaining unifying for the first time the models of Coles and Wright (1998) and Pissarides and producing in contrast to the Coles and Wright model, a non-deficient equilibrium. In sharp contrast to the Pissarides model we analyse a fully dynamic model with non-linear cost functions and risk-averse agents, to provide overall, saddle-path stability and unique wage and employment outcome which is devoid of limit cycles.

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File URL: http://www.econ.surrey.ac.uk/discussion_papers/2006/DP11-06.pdf
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Publisher Info
Paper provided by Department of Economics, University of Surrey in its series Department of Economics Discussion Papers with number 1106.

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Length: 40 pages
Date of creation: Apr 2006
Date of revision:
Handle: RePEc:sur:surrec:1106

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Related research
Keywords: Wage determination; job matching; unemployment; labour markets; bargaining.;

Find related papers by JEL classification:
J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
J40 - Labor and Demographic Economics - - Particular Labor Markets - - - General
J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Stephen Nickell & Glenda Quintini, 2003. "Nominal wage rigidity and the rate of inflation," Economic Journal, Royal Economic Society, vol. 113(490), pages 762-781, October. [Downloadable!] (restricted)
    Other versions:
  2. Manuel Toledo & Jose I. Silva, 2005. "Labor Turnover Costs and the Cyclical Behavior of Vacancies and Unemployment," 2005 Meeting Papers 775, Society for Economic Dynamics. [Downloadable!]
    Other versions:
  3. Eran Yashiv, 2005. "Forward-Looking Hiring Behavior and the Dynamics of the Aggregate Labor Market," 2005 Meeting Papers 360, Society for Economic Dynamics. [Downloadable!]
  4. Coles, Melvyn G. & Wright, Randall, 1998. "A Dynamic Equilibrium Model of Search, Bargaining, and Money," Journal of Economic Theory, Elsevier, vol. 78(1), pages 32-54, January. [Downloadable!] (restricted)
    Other versions:
  5. Donna Brown & Peter Ingram & Jonathan Wadsworth, 2004. "The Price is Right? Pay Settlements and Nominal Wage Rigidity in Britain," British Journal of Industrial Relations, Blackwell Publishers Ltd/London School of Economics, vol. 42(3), pages 507-525, 09. [Downloadable!] (restricted)
  6. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June. [Downloadable!] (restricted)
  7. Robert Shimer, 2005. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies," American Economic Review, American Economic Association, vol. 95(1), pages 25-49, March. [Downloadable!]
  8. Alan B. Krueger, 1999. "Measuring Labor's Share," American Economic Review, American Economic Association, vol. 89(2), pages 45-51, May. [Downloadable!] (restricted)
    Other versions:
  9. Hoyt Bleakley & Ann E. Ferris & Jeffrey C. Fuhrer, 1999. "New data on worker flows during business cycles," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 49-76. [Downloadable!]
  10. Abowd, John M. & Kramarz, Francis, 2003. "The costs of hiring and separations," Labour Economics, Elsevier, vol. 10(5), pages 499-530, October. [Downloadable!] (restricted)
    Other versions:
  11. Smith, Jennifer C, 2000. "Nominal Wage Rigidity in the United Kingdom," Economic Journal, Royal Economic Society, vol. 110(462), pages C176-95, March. [Downloadable!] (restricted)
  12. Bruce Fallick & Charles A. Fleischman, 2004. "Employer-to-employer flows in the U.S. labor market: the complete picture of gross worker flows," Finance and Economics Discussion Series 2004-34, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  13. repec:fth:prinin:413 is not listed on IDEAS
  14. Pissarides, Christopher A, 1994. "Search Unemployment with On-the-Job Search," Review of Economic Studies, Blackwell Publishing, vol. 61(3), pages 457-75, July. [Downloadable!] (restricted)
    Other versions:
  15. Katharine G. Abraham, 1987. "Help-Wanted Advertising, Job Vacancies, and Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(1987-1), pages 207-248. [Downloadable!]
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