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Faculty of Business External Research Seminar ECON | Jonathan Thomas
Business School External Research Seminar ECON | Jonathan Thomas
Date: Tue, May 21
Time: 15:00-16:00
Location: Zoom (please contact begum.guney@ozyegin.edu.tr)
Speaker: Jonathan Thomas - The University of Edinburgh
Title: Implicit contracts and asymmetric pass through of productivity shocks
Abstract: We document distinctive empirical features of wage pass through in Germany that are consistent with limited-commitment contracting in the presence of both idiosyncratic and nonstationary aggregate productivity components. These empirical features are hard to reconcile with the predictions of search models based on period-by-period Nash bargaining over match surplus and with the predictions of financial models where risk-neutral firms may costlessly shield risk-averse workers from idiosyncratic shocks (Guiso et al. 2005).