Search, Wage Bargains and Cycles
用包含纳什工资方程的均衡匹配模型，推导工资和失业对生产率冲击的反应，发现工资完全吸收永久冲击但仅部分吸收暂时冲击，因此失业只对暂时冲击有反应。
I use an equilibrium model of job matchings with a Nash wage equation to derive the response of wages and unemployment to productivity shocks. By endogenising labour's threat point, I show that wages absorb fully permanent shock but only partially temporary shocks. Hence, unemployment responds to perceived temporary shocks but not to permanent shocks.