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Search, Wage Bargains and Cycles
(1987)
I use an equilibrium model of job matchings with a Nash wage equation to derive the response of wages and unemployment to productivity shocks. By endogenising labour’s threat point, I show that wages absorb fully permanent ...
Wages and Employment: A Framework for Analysis with Application to Three Policy Issues
(1987)
This paper surveys recent developments in the theory of employment and wages and describes a framework for policy analysis which recognizes the existence of monopolistic elements in labour markets. Wages are determined by ...
Review of the Dynamic macroeconomic theory, by T.J. Sargent
(1987)
Describes the general equilibrium models that have been built to help interpret time series observations of economic aggregates and predicts the consequence of alternative government interventions.
Comments on J. Dreze, “Work sharing”
(MIT Press, 1987)