Vasilev, Aleksandar - In: Central European Journal of Economic Modelling and … (2017) 4, pp. 359-377
In this paper we investigate the quantitative importance of e fficiency wages in explaining fluctuations in Bulgarian labor markets. This is done by augmenting an otherwise standard real business cycle model a la Long and Plosser (1983) with unobservable workers e ort by employers and wage...