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 …

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 …

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 …

-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 …

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 …

61,000 persons in Spain in 1985 when unemployment exceeded 20%--to examine the effect of unemployment insurance (UI) and … family serves as a form of welfare; (3) hazard rates linking the chances of job finding to duration of unemployment in the … 1981-85 period of massive joblessness did not decline with duration; (4) the length of unemployment spells reduces wages …

This paper argues that hysteresis helps explain the long-run behavior of unemployment. The natural rate of unemployment … is influenced by the path of actual unemployment, and hence by shifts in aggregate demand. I review past evidence for …

-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the U.S., the vacancy-unemployment … vacancy-unemployment ratio and labor productivity have nearly the same variance. I establish this claim both using analytical … small movement along a downward sloping Beveridge curve (unemployment-vacancy locus). A shock to the job destruction rate …

a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown … into unemployment …