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Wage Bargaining and Unemployment in a General Equilibrium Model
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TL;DR: In this paper, a multisectoral temporary general equilibrium macro model with wage bargaining is presented, where agents are divided into capitalists and workers, and the wage rate in a sector is determined by negotiation between an employers' union and a trade union both caring about their members' utilities.
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Abstract: A multisectoral temporary general equilibrium macro model with wage bargaining is presented. In each sector agents are divided into capitalists and workers. The markets for produced goods and money are competitive, but the wage rate in a sector is determined by negotiation between an employers' union and a trade union both caring about their members' utilities. Nash bargaining equilibria will for certain values of parameters be characterized by unemployment, for others by full employment. A characterization result is given.
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