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(Approximation by Moving Equilibrium). The analysis of multivariate dynamical models can sometimes be considerably simplified by the assumption that one or several variables move infinitely fast to their equilibrium values. The method is known as the 'moving equilibrium method'. Various...
Persistent link: https://www.econbiz.de/10008620610
Wage formation is often analyzed by assuming that wage differentials reflect productivity differentials intrinsic to the workers, like differences in skill or qualification. Observed industry and firm effects on wages suggests, however, that wage differentials may result from causes rather...
Persistent link: https://www.econbiz.de/10008620611
This paper develops a theory of stagflation, based on turnover-efficiency-wage theory. In these theories, wages are forward-looking, i.e., set to keep incumbents with the firm. The employed workers apply for better jobs and compete with unemployed applicants. An employed applicant is, however,...
Persistent link: https://www.econbiz.de/10008620612
The analysis of multivariate dynamical models can sometimes be considerably simplified by the assumption that one or several variables move infinitely fast to their equilibrium values. The method is known as the ‘moving equilibrium method’. Various dynamical theories that build on...
Persistent link: https://www.econbiz.de/10008620613