We develop a theory of labor markets in a monetary economy with four realistic features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Due to the non-Coasean nature of labor contracts, inefficient job separations occur in the form of endogenous...

We develop a theory of labor markets in a monetary economy with four realistic features: search frictions, worker productivity shocks, wage rigidity, and two-sided lack of commitment. Due to the non-Coasean nature of labor contracts, inefficient job separations occur in the form of endogenous...

We develop a model of a frictional labor market with idiosyncratic and aggregate shocks, sticky wages, and two-sided lack of commitment between workers and firms. In this environment, wages are allocative in the sense that inefficient job separations arise when the wage-to-productivity ratio...

This paper studies earnings inequality and dynamics in Argentina between 1996 and 2015. Following the 2001-2002 crisis, the Argentine economy transitioned from a low- to a highinflation regime. At the same time, the number of collective bargaining agreements increased, and minimum wage...

This paper studies earnings inequality and dynamics in Argentina between 1996 and 2015. Following the 2001–2002 crisis, the Argentine economy transitioned from a low‐ to a high‐inflation regime, while collective bargaining and the minimum wage gained influence. This transition was...

This paper studies earnings inequality and dynamics in Argentina between 1996 and 2015. Following the 2001-2002 crisis, the Argentine economy transitioned from a low- to a high-inflation regime, while collective bargaining and the minimum wage gained influence. This transition was associated...

This paper studies earnings inequality and dynamics in Argentina between 1996 and 2015. Following the 2001-2002 crisis, the Argentine economy transitioned from a low- to a highinflation regime. At the same time, the number of collective bargaining agreements increased, and minimum wage...

This paper studies earnings inequality and dynamics in Argentina between 1996 and 2015. Following the 2001--2002 crisis, the Argentine economy transitioned from a low- to a high-inflation regime. At the same time, the number of collective bargaining agreements increased and the minimum wage...