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Macroeconomic Dynamics with Rigid Wage Contracts

Broer, Tobias; Harmenberg, Karl; Krusell, Per; Öberg, Erik - National Bureau of Economic Research - 2021

We adapt the wage contracting structure in Chari (1983) to a dynamic, balanced-growth setting with re-contracting à la Calvo (1983). The resulting wage-rigidity framework delivers a model very similar to that in Jaimovich and Rebelo (2009), with their habit parameter replaced by our probability...

Persistent link: https://www.econbiz.de/10012794568

Efficiency Wage Theories : A Partial Evaluation

Katz, Lawrence F. - 1986

This paper surveys recent developments in the literature on efficiency wage theories of unemployment. Efficiency wage models have in common the property that in equilibrium firms may find it profitable to pay wages in excess of market clearing. High wages can help reduce turnover, elicit worker...

Persistent link: https://www.econbiz.de/10012477169

Theories of Wage Rigidity

Stiglitz, Joseph E. - 1984

theory and the efficiency wage theory. The basic thesis of the paper is that the former set of theories do not provide a …. Several of the more recent versions of implicit contract theory are considered: implicit contracts with asymmetric information …, explicitly long term in nature, may give rise to full employment. One version of implicit contract theory which does give rise to …

Persistent link: https://www.econbiz.de/10012477646

Equilibrium Wage Distributions

Stiglitz, Joseph E. - 1984

lower. The model thus provides a rationale for real wage rigidity. The model also provides a theory of equilibrium …

Persistent link: https://www.econbiz.de/10012477757

Fluctuation in Equilibrium Unemployment

Hall, Robert E. - 1977

Fluctuations in the equilibrium rate of unemployment can only be understood within a theory of the natural or … in exchange for immediate employment. The task of the theory is to explain why any unemployment remains at all when these … conditions are satisfied. Part of this problem has been studied in detail in the "search theory" of unemployment -- once a worker …

Persistent link: https://www.econbiz.de/10012478911

Do Firm Effects Drift? Evidence from Washington Administrative Data

Lachowska, Marta - 2020

We study the time-series properties of firm effects in the two-way fixed effects models popularized by Abowd, Kramarz, and Margolis (1999) (AKM) using two approaches. The first--the rolling AKM approach (R-AKM)--estimates AKM models separately for successive two-year intervals. The second--the...

Persistent link: https://www.econbiz.de/10012479177

Aggregate Nominal Wage Adjustments : New Evidence from Administrative Payroll Data

Grigsby, John - 2019

Using administrative payroll data from the largest U.S. payroll processing company, we document a series of new facts about nominal wage adjustments in the United States. The data allow us to define a worker's per-period base contract wage separately from other forms of compensation such as...

Persistent link: https://www.econbiz.de/10012479580

Vacancy Durations and Entry Wages : Evidence from Linked Vacancy-Employer-Employee Data

Kettemann, Andreas - 2018

This paper explores the relationship between the duration of a vacancy and the starting wage of a new job, using unusually informative data comprising detailed information on vacancies, the establishments posting the vacancies and the workers eventually filling the vacancies. We find that...

Persistent link: https://www.econbiz.de/10012480770

The Evolution of Inequality in Productivity and Wages : Panel Data Evidence

Faggio, Giulia - 2007

There has been a remarkable increase in wage inequality in the US, UK and many other countries over the past three decades. A significant part of this appears to be within observable groups (such as age-gender-skill cells). A generally untested implication of many theories rationalizing the...

Persistent link: https://www.econbiz.de/10012465301

Matching and Price Competition

Bulow, Jeremy - 2005

Persistent link: https://www.econbiz.de/10012467172

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