Labor-market search, welfare ranking and the real wage over the business cycle

Arnaud Cheron () and Francois Langot ()

CEPREMAP Working Papers (Couverture Orange) from CEPREMAP

Abstract: This paper considers a particular modification of preferences in a dynamic general equilibrium model with labor-market search that implies, despite the efficient risk-sharing, unemployed workers are worse off. We show that this specific assumption allows to account for the acyclicity of the real wage and its negative correlation with hours.

JEL-codes: E24 E31 (search for similar items in EconPapers)
Date: 1999

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Persistent link: http://EconPapers.repec.org/RePEc:cpm:cepmap:9902

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