دانلود مقاله ISI انگلیسی شماره 91896
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
91896 2018 5 صفحه PDF سفارش دهید 4772 کلمه
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عنوان انگلیسی
Alternating offers with asymmetric information and the unemployment volatility puzzle
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Labour Economics, Volume 50, March 2018, Pages 87-91

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چکیده انگلیسی

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.

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