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Unemployment in an Equilibrium Model with Bargaining

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  • Groenewold, Nicolaas

Abstract

This paper develops a model which embeds the Nash-equilibrium version of McDonald and Solow's (1981) wage-bargaining model into an otherwise standard static equilibrium macro model. Equilibrium unemployment is possible. Real shocks to demand result in pro-cyclical employment and anti-cyclical real wage movements while money shocks are neutral. This is in some contrast to the results obtained by McDonald and Solow. Copyright 1994 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Suggested Citation

  • Groenewold, Nicolaas, 1994. "Unemployment in an Equilibrium Model with Bargaining," Bulletin of Economic Research, Wiley Blackwell, vol. 46(3), pages 225-239, July.
    • Handle: RePEc:bla:buecrs:v:46:y:1994:i:3:p:225-39
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    Cited by:

    1. Chang, Juin-Jen & Lai, Ching-Chong & Chang, Wen-Ya, 1999. "The Mundell proposition with efficient wage-employment bargaining," Journal of Macroeconomics, Elsevier, vol. 21(4), pages 765-784.

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