Learning of general equilibrium effects and the unemployment trap

We examine wage bargaining when employers and labor unions do not always take all general equilibrium effects into account but learn a steady state. If agents do hardly consider general equilibrium effects, low real wages and low unemployment results. With an intermediate view, when partial equilibr...

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Bibliographic Details

Main Authors:	Gersbach, Hans (Author) , Schniewind, Achim (Author)
Format:	Book/Monograph Working Paper
Language:	English
Published:	Bonn Institute for the Study of Labor (IZA) 2001
Series:	IZA Discussion paper series 254
In:	Discussion paper series (254)
Subjects:	Graue Literatur Arbeitspapier
Online Access:	Resolving-System, kostenfrei, Volltext: http://hdl.handle.net/10419/21103
Author Notes:	Hans Gersbach; Achim Schniewind