This paper analyses the influence of norms of fairness on wage formation. Fairness is defined by "real-wage" and … avoid shirking, firms pay fair wages. The wage norms change endogenously, and the result is hysteresis with respect to both … employment and the distribution of wages. An extension of the model that allows "induced overeducation" may help explain trends …

This paper analyses the influence of norms of fairness on wage formation. Fairness is defined by `real-wage' and … avoid shirking, firms pay fair wages. The wage norms change endogenously, and the result is hysteresis with respect to both … employment and the distribution of wages. An extension of the model that allows `induced overeducation' may help explain trends …

die Reaktion von Beschäftigung, Kapital und Einkommensverteilung auf Lohnschocks und diskutieren dabei insbesondere, wie …

productivity, unemployment and inequality may thus be linked to induced overeducation and credentialism. … between and within skill categories, as well as an increase in unemployment, especially among low-skill workers. Movements in …

unemployment, several European economies display highly persistent unemployment dynamics. The theory of hysteresis challenges this … strong empirical evidence of unemployment hysteresis in advanced economies since the 1990s. Relying on an identification …Despite conventional macroeconomic theory is based on the idea that demand shocks can only have temporary effects on …

Trade unions are consistently found to compress the wage distribution. Moreover, unemployment affects in particular low …