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• W1678781024 abstract "Wage and price formation are analyzed in a general equilibrium model combining New Keynesian features (wage bargaining and monopolistic competition) with quantity rationing due to stochastic demand and technological constraints. The alternative implications of ‘efficient’ and ‘right-to-manage’ models of bargaining are studied. The price-cost margin is less favorable to firms with efficient bargaining. A Phillips-like wage relationship obtains only in the right-to-manage case, although the interpretation of the role of unemployment is more complex than in standard models. Equilibrium unemployment results from the complementary interaction of agents' market power and of quantity constraints." @default.
• W1678781024 created "2016-06-24" @default.
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• W1678781024 date "1993-05-01" @default.
• W1678781024 modified "2023-10-12" @default.
• W1678781024 title "Bargaining and equilibrium unemployment" @default.
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• W1678781024 doi "https://doi.org/10.1016/0176-2680(93)90017-o" @default.
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