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Gift Exchange and the Business Cycle: The Fair Wage Strikes Back
Collard, Fabrice; Croix, David de la - In: Review of Economic Dynamics 3 (2000) 1, pp. 166-193
We extend the benchmark real business cycle model amending technology for fair wage considerations. Effort depends on …
Persistent link: https://www.econbiz.de/10005069710
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A Real Business Cycle Model of the Phillips Curve
Rafael, Muñoz - Institut de Recherche Économique et Sociale (IRES), … - 1998
The aim of this article is to show that RBC models can account for the so-called Phillips curve. We propose an … efficiency wage model in which money is introduced via a cash-in-advance constraint. Households choose how much effort to devote … by comparing present real and nominal wages with past ones. This special intertemporal effort function implies wage …
Persistent link: https://www.econbiz.de/10004985023
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Inflation Persistence and Labour Market Frictions: An Estimated Efficiency Wage Model of the Australian Economy
Langcake, Sean - School of Economics, University of Adelaide - 2010
The purpose of this paper is to evaluate whether adding labour market frictions improves the basic New Keynesian model's ability to generate greater inflation persistence and plausible labour market dynamics. This paper builds and compares two sticky price models, one of which is augmented by an...
Persistent link: https://www.econbiz.de/10008457947
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Wages, Length of Relationship and Bargaining Power:An experimental study in a world of complete contracts
Dittrich, Dennis A. V. - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004
To explain potential sources of wage rigidity this article analyzes a model of reciprocalkindness applied to a repeated ultimatum game with changing and nonzeroconflict payoffs. The model is also tested in a laboratory experiment. The resultsare compatible with the rentsharingapproach to wage...
Persistent link: https://www.econbiz.de/10005866814
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Taxes on Labour, Effciency Wages,and Union Bargaining
Altenburg, Lutz; Straub, Martin - Fernuniversität <Hagen> / Fakultät für … - 2000
This paper studies the impact of labour taxation in a shirking model with wage bargaining.It is shown that if the ratio of unemployment compensation to the net-of-tax wage iskept fixed a tax cut leads to higher unemployment. When the unemployment benefitsreplacement ratio is allowed to change,...
Persistent link: https://www.econbiz.de/10005868370
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Unemployment and indeterminacy
Nakajima, Tomoyuki - 2003
Using an efficiency-wage model, we examine the relationship between indeterminacy and unemployment insurance. It is shown that the less unemployment insurance is, the more likely equilibrium is to be indeterminate. Equilibrium can be indeterminate even without externalities or increasing...
Persistent link: https://www.econbiz.de/10010318962
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The Impact of Product Market Competition on Employment and Wages
Amable, Bruno; Gatti, Donatella - 2001
Standard economic wisdom generally stresses the benefits of increased competition on the product market. This paper proposes a model of monopolistic competition with an endogenous determination of workers flows in and out of unemployment, where wages are determined according to an efficiency...
Persistent link: https://www.econbiz.de/10010262481
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Is perfection optimal? Employment and product market competition
Amable, Bruno; Gatti, Donatella - 2000
premia. Increased competition pushes real wages up but effort incentive requirements prevent large wage adjustments. Hence …
Persistent link: https://www.econbiz.de/10010304143
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Not Working at Work: Loafing, Unemployment and Labor Productivity
Burda, Michael C.; Genadek, Katie R.; Hamermesh, Daniel S. - 2015
Using the American Time Use Survey (ATUS) 2003-12, we estimate time spent by workers in non-work while on the job. Non-work time is substantial and varies positively with the local unemployment rate. While the average time spent by workers in non-work conditional on any positive non-work rises...
Persistent link: https://www.econbiz.de/10011288220
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Not working at work: Loafing, unemployment and labor productivity
Burda, Michael C.; Genadek, Katie; Hamermesh, Daniel S. - 2015
Using the American Time Use Survey (ATUS) 2003-12, we estimate time spent by workers in non-work while on the job. Non-work time is substantial and varies positively with the local unemployment rate. While the average time spent by workers in non-work conditional on any positive non-work rises...
Persistent link: https://www.econbiz.de/10011380693