Reference-Dependence and Labor-Market Fluctuations
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We incorporate reference-dependent worker behavior into a search-matching model of the labor market, in which firms have all the bargaining power and productivity follows a log-linear AR(1) process. Motivated by Akerlof (1982) and Bewley (1999), we assume that existing workers' output falls
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美国国家经济研究局创建时间：
2013-05-01
