The Limited Influence of Unemployment on the Wage Bargain

By Robert E. Hall, Paul Milgrom. 2008

856 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/a5d6149e6b9a36dc5e8a616b6af70422f7200ea1

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In Economics and Econometrics

Citations in the corpus

Job Search Behavior over the Business Cycle (2013, positive): “We set the value of nonemployment, b − ϕs̃ω/ω = b − ϕ/4 = 0.7, along the line of Hall and Milgrom (2008). κ and ϕ are set from the steady-state version of (18) and (19).”
The Impact of TFP Growth on Steady-State Unemployment (2007, neutral): “Because of (9), the solution to (14) is”
Uncertainty and Unemployment (2017, result): “The estimated home production b represents about 63% of the average output per person in the economy, consistent with the 71% found by Hall and Milgrom (2008).”
Unemployment Fiscal Multipliers (2010, neutral): “Hall (2009) and Hall and Milgrom (2008) argue in favor of preferences that imply that the marginal utility of consumption rises at higher levels of hours worked.21 21 Hall (2009) refers to substantial evidence that consumption falls when hours of work fall, e.g., because of retirement or…”
The Cyclicality of the Opportunity Cost of Employment (2016, methodology): “As a result, fluctuations in unemployment are essentially neutral with respect to the level of z. Hall and Milgrom (2008) generate volatile unemployment fluctuations by replacing the assumption of Nash bargaining over match surplus with an alternating-offer wage setting mechanism.”
Solving the Diamond–Mortensen–Pissarides model accurately (2017, methodology): “Our nonlinear algorithm is built on Judd (1992), who pioneers the projection method for solving dynamic equilibrium models. Our algorithm is also built on Christiano and Fisher (2000), who show how to incorporate occasionally binding constraints into a projection algorithm. Most prior studies compar”
Business cycles, unemployment insurance, and the calibration of matching models (2008, positive): “While sticky wages or embodied productivity shocks may prove to be fruitful explanations of labor market dynamics, many other ways of improving the fit of the matching model have also been suggested recently, including alternative specifications of the bargaining game, hiring and training costs, and”
Efficient Firm Dynamics in a Frictional Labor Market (2015, neutral): “An alternative interpretation is that workers are literally identical and excess capacity can be substituted from one job to another, which means that posting additional jobs exhibits increasing returns; see Burdett, Shi, and Wright (2001), Hawkins (2006) and Lester (2010) for variations along these”
Confidence, Crashes and Animal Spirits (2012, positive): “This paper is an attempt to reformulate what I take to be two key insights from Keynes’ General Theory (Keynes, 1936). The first is that there is something profoundly different about the labor market from most other markets in the economy. The second is that the beliefs of participants in the asset ”
Financial Frictions and the Wealth Distribution (2019, neutral): “72 income in unemployment state Hall and Milgrom (2008) z2 1.”
Housing Liquidity, Mobility, and the Labour Market (2012, background): “The relative ow value of non-work, z, which includes unemployment bene ts and the estimated relative utility of leisure, is taken from Hall and Milgrom (2008).”
Separations, Sorting and Cyclical Unemployment (2017, neutral): “21Naturally, wage rigidity may have an allocative role on hiring, as emphasized in a recent literature by Hall (2005), Hall and Milgrom (2008), van Rens et al. (2009) and others.”
Job Search Behavior Among the Employed and Non-Employed (2017, positive): “40We could assume a value for z, as in Shimer (2005) or Hall and Milgrom (2008), but we prefer to infer it from our data because there is little consensus on its appropriate value.”