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Firm-Specific Determinants of the Real Wage

Currie, Janet - 1992

Bargaining models suggest that firm-specific variables play an important role in wage determination. Yet previous empirical studies of wage determination have largely ignored these variables. Our analysis of a large panel data set of U.S. wage contracts suggests that firm-specific variables...

Persistent link: https://www.econbiz.de/10012474957

Insider-Outsider Labor Markets, Hysteresis and Monetary Policy

Galí, Jordi - 2020

I develop a version of the New Keynesian model with insider-outsider labor markets and hysteresis that can account for the high persistence of European unemployment. I study the implications of that environment for the design of monetary policy. The optimal policy calls for strong emphasis on...

Persistent link: https://www.econbiz.de/10012481580

The Law and Economics of Self-Dealing

Djankov, Simeon - 2005

We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private...

Persistent link: https://www.econbiz.de/10012466788

Outside Equity Financing

Myers, Stewart C. - 1998

This paper explores the necessary conditions for outside equity financing when insiders, that is managers or entrepreneurs, are self-interested and cash flows are not verifiable. Two control mechanisms are contrasted: a partnership,' in which outside investors can commit assets for a specified...

Persistent link: https://www.econbiz.de/10012472247

Does Transparency Reduce Favoritism and Corruption? Evidence from the Reform of Figure Skating Judging

Zitzewitz, Eric - 2012

Transparency is usually thought to reduce favoritism and corruption by facilitating monitoring by outsiders, but there is concern it can have the perverse effect of facilitating collusion by insiders. In response to vote trading scandals in the 1998 and 2002 Olympics, the International Skating...

Persistent link: https://www.econbiz.de/10012460925

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

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