Unions, monetary shocks and the labour market cycle

Gonzalo Fernandez-de-Cordoba and Jesús Vázquez

Economic Modelling, 2011, vol. 28, issue 3, 1140-1149

Abstract: This paper provides a new growth model by considering strategic behaviour in the supply of labour. Workers form a labour union with the aim of manipulating wages for their own benefit. We analyse the implications on labour market dynamics at business cycle frequencies of getting away from the price-taking assumption. A calibrated monetary version of the union model does quite a reasonable job in replicating the dynamic features of labour market variables observed in post-war U.S. data.

Keywords: Labour; union; Productivity; versus; monetary; shocks; Business; cycle (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:28:y:2011:i:3:p:1140-1149

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