文章基本信息

标题：367 - Firm Entry, Endogenous Markups and the Dynamics of the Labor Share of Income
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作者：Andrea Colciago ; Lorenza Rossi
期刊名称：DNB Working Papers / De Nederlandsche Bank
出版年度：2013
卷号：1
出版社：De Nederlandsche Bank
摘要：Recent U.S. evidence suggests that the response of labor share to a productivity shock is characterized by countercyclicality and overshooting. These findings cannot be easily reconciled with existing business cycle models. We extend the Diamond-Mortensen-Pissarides model of search in the labor market by considering strategic interactions among an endogenous number of producers, which leads to countercyclical price markups. While Nash bargaining delivers a countercyclical labor share, we show that countercyclical markups are fundamental to address the overshooting. On the contrary, we find that real wage rigidity does not seem to play a crucial role for the dynamics of the labor share of income.
关键词：Labor Share Overshooting; Endogenous Market Structures; Search and Matching Frictions.