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In the most widely analyzed type of efficiency wage model of involuntary unemployment, firms pay wages in excess of … equilibrium unemployment act as a worker discipline device. This paper concerns what is usually considered the most important … involuntary unemployment. Explicit upfront bonds are only quite rarely observed. A more subtle form of the bonding critique argues …
Persistent link: https://www.econbiz.de/10012477045
This paper surveys recent developments in the literature on efficiency wage theories of unemployment. Efficiency wage … employees. Simple versions of efficiency wage models can explain normal involuntary unemployment,segmented labor markets, and … job rationing and involuntary unemployment. A wide variety of evidence on inter-industry wage differences is analyzed …
Persistent link: https://www.econbiz.de/10012477169
unemployment, Keynes emphasis on relative wages has not been reflected in most contemporary discussions. This short paper suggests … available apparatus for understanding actual unemployment and its fluctuations. Such theories are very closely related to the …
Persistent link: https://www.econbiz.de/10012476479
We study the incidence of pollution taxes and their impact on unemployment in an analytical general equilibrium … efficiency wage model. We find closed-form solutions for the effect of a pollution tax on unemployment, factor prices, and output …
Persistent link: https://www.econbiz.de/10012482180
Efficiency wage models of the effort elicitation type have important implications for labor market dynamics. These models have a wide array of discontinuous sunspot equilibria driven by extraneous variables, in addition to well-behaved equilibria characterized by continuous, slowly adjusting...
Persistent link: https://www.econbiz.de/10012476081
-work time is substantial and varies positively with the local unemployment rate. While average time spent by workers in non …-work conditional on any positive amount rises with the unemployment rate, the fraction of workers reporting positive values varies pro …-work with wage rates and measures of unemployment benefits in state data linked to the ATUS, and it is consistent with estimated …
Persistent link: https://www.econbiz.de/10012456749
, that frictions (sand-in-the-wheels) may decrease unemployment and that the equilibrium is determined by two simple …
Persistent link: https://www.econbiz.de/10014635663
We explore the response of employment (unemployment) skill differentials to skill-biased shifts in demand touched off … by the new and spreading technologies. We find that skill differentials in unemployment follow at least in part the same … differences defined by technology. In the aggregate time series relative unemployment is defined by educational unemployment …
Persistent link: https://www.econbiz.de/10012470933
The recent European experience of high persistent unemployment has led to the development of theories of unemployment … hysteresis embodying the idea that the equilibrium unemployment rate depends on the history of the actual unemployment rate. This …
Persistent link: https://www.econbiz.de/10012477034
European unemployment has been steadily increasing for the last 15 years and is …equilibrium unemployment. We then confront the theory to both the detailed facts of …insiders and firms, shocks which affect actual unemployment tend also to affect …
Persistent link: https://www.econbiz.de/10012477122