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Équilibre général stochastique et dynamique non-walrasienne du marché du travail

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  • Arnaud Chéron
  • François Langot

Abstract

This article seeks to assess the contribution of a non-Walrasian model of the labor market to an analysis of economic dynamics.We begin by discussing our model’s capacity to reproduce a labor volatility comparable to that ofGDP, a lesser volatility of real wages, and the acyclical behavior of real wages. We show that the real rigidities introduced by the matching process, combined with a particular specification of bargained wages, enable us to make a wholly satisfactory description of these observed labor-market properties. After this empirical validation, we use the model to quantify the impact of a policy to combat unemployment.We examine the introduction of hiring subsidies to firms.We show that a labor tax has a lower social cost than a capital-tax adjustment as a means of financing this measure. Keywords: labor market, DSGE

Suggested Citation

  • Arnaud Chéron & François Langot, 2008. "Équilibre général stochastique et dynamique non-walrasienne du marché du travail," Economie & Prévision, La Documentation Française, vol. 0(2), pages 93-113.
  • Handle: RePEc:cai:ecoldc:ecop_183_0093
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    Keywords

    labor market; DSGE;

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