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Collective bargaining between a trade union and a firm is analyzed within the framework of a monopoly union model as a dynamic Stackelberg game. Adjustment costs for the firm are comprised of the standard symmetric convex costs plus a wage-dependent element. Indeed, hiring costs can turn into...
I consider educational signaling of inherent ability that facilitates sorting of individuals between sectors. More able individuals are more productive in the primary sector, and less able individuals are more productive in the secondary sector. I find signaling may increase but never maximizes...
This study presents a two-sector dynamic general equilibrium model with capital accumulation and discusses the role of endogenous time preference and consumption externalities in closed and small open economies. While the economy has a unique and saddle-point stable steady state under autarky,...
This paper reexamines the Barro growth model in a context of interdependent preferences with consumption externality. Agents care about both consumption and social status, which is determined by their relative consumption in society. The results underline the individuals’ preferences for status...
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