A cointegration model for search equilibrium wage formation, Issues 2004-2092
Lourens Broersma, F. A. G. den Butter, Udo Kock, International Monetary Fund. Policy Development and Review Dept
International Monetary Fund, 2004 - Business & Economics - 19 pages
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asset equations asset value Augmented Dickey-Fuller bargaining outcome bargaining power bargaining process business cycle coefficient Cointegration Equation constant ADFC CPB Netherlands derive determine the wage Dynamic Wage Equation empirical model empirical studies employment inflow employment to unemployment equilibrium search model error correction Estimation Results expected change filling a vacancy flow data flow variables income stream indicators of labor job destruction Kock labor force labor market dynamics labor market flows labor market tightness lay-off rate leave the labor log rr Logfeu Logfne long run Mortensen Nash bargaining game Nash bargaining solution national accounting nominal wage non-participation number of observations outflow from employment outflow rates Phillips curve Pissarides 2000 real wage rate Sample period shared surplus surplus of matches tax cuts traditional wage curve unemployed worker unemployment rate Unit root tests vacant jobs wage bargaining wage curve model wage formation wage growth Wijngaert 1994 workers who leave