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Unemployment Fluctuations With Staggered Nash Wage Bargaining
A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and Pissarides has difficulty accounting for the relatively volatile behavior of labor market activity over the business cycle. We address this issue by modifying the MP framework to allow for staggered multiperiod wage contracting. What emerges is a tractable relation for wage dynamics that is a natural generalization of the period-by-period Nash bargaining outcome in thedoi:10.3386/w12498 fatcat:hqwljgcvifeibpsasrulynovpm