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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

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

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

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

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

Ranking of Job Applicants, On-the-job Search, and Persistent Unemployment

Eriksson, Stefan; Gottfries, Nils - 2003

We formulate an efficiency wage model with on-the-job search where wages depend on turnover and employers may use information on whether the searching worker is employed or unemployed as a hiring criterion. We show theoretically that ranking by employment status affects both the level and the...

Persistent link: https://www.econbiz.de/10010321725

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

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

Ranking of job applicants, on-the-job search, and persistent unemployment

Eriksson, Stefan; Gottfries, Nils - 2000

We formulate an efficiency wage model with on-the-job search where wages depend on turnover and employers may use information on whether the searching worker is employed or unemployed as a hiring criterion. We show theoretically that ranking of job applicants by employment status affects both...

Persistent link: https://www.econbiz.de/10010321050

Skill loss, ranking of job applicants, and the dynamics of unemployment

Eriksson, Stefan - 2001

This paper investigates the consequences of skill loss as a result of unemployment in an efficiency wage model with turnover costs and on-the-job search. Firms are unable to differentiate wages and therefore prefer to hire employed searchers or unemployed workers who have not lost human capital....

Persistent link: https://www.econbiz.de/10010321064

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