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exists an incentive for firms to smooth wages. Real wages respond in a highly non-linear manner to shocks, exhibiting … range of shocks labor hoarding occurs while wages are cut. We argue these features are consistent with recent evidence …
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We develop a product market theory that explains why firms invest in general training of their workers. We consider a …-specific training if others do the same, because they would otherwise suffer a competitive disadvantage or need to pay high wages in …
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We develop a product market theory that explains why firms invest in general training of their workers. We consider a …-specific training if others do the same, because they would otherwise suffer a competitive disadvantage or need to pay high wages in …
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