Unions, Monetary Shocks and the Labour Market Cycle

Gonzalo Fernández de Córdoba and Jesús Vázquez Pérez
Authors registered in the RePEc Author Service: Gonzalo Fernandez-de-Cordoba

No 1988-088X, DFAEII Working Papers from University of the Basque Country - Department of Foundations of Economic Analysis II

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 in their own benefit. We analyse the implications on labor 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 cycles (search for similar items in EconPapers)
Date: 2010-02
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Journal Article: Unions, monetary shocks and the labour market cycle (2011)
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Dpto. de Fundamentos del Análisis Económico II, = Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain

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