|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|91896||2018||5 صفحه PDF||سفارش دهید||4772 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Labour Economics, Volume 50, March 2018, Pages 87-91
To provide micro-founded real wage rigidities, the literature on the unemployment volatility puzzle has considered alternating offers on one side, and asymmetric information on the other. Separately, however, these two frameworks deliver a limited amount of wage stickiness and thus require questionable calibrations to raise unemployment fluctuations. In this paper, we argue that the alternating offers model with one-sided asymmetric information, which combines the two frameworks, gives a more satisfactory answer to the puzzle. The results are improved along two dimensions. First, we show that this model is capable to generate large unemployment movements for a realistic calibration. Secondly, the model produces a right degree of real wage pro-cyclicality for such a calibration and therefore delivers a micro-founded explanation to real wage rigidities.