Real wages, productivity, and the cycle: An efficiency wage model

This paper extends the results of previous work that shows imperfect monitoring of worker effort can explain involuntary unemployment in equilibrium. The present paper assumes that the performance standard for worker effort is determined endogenously and that worker utility is quasi-linear in the wa...

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Veröffentlicht in:	Journal of macroeconomics 1991-07, Vol.13 (3), p.495-510
Hauptverfasser:	Chatrerji, Monojit, Sparks, Roger
Format:	Artikel
Sprache:	eng
Schlagworte:	Business cycles Cycles Economic models Economic theory Labor productivity Macroeconomics Productivity Real wages Studies Unemployment Wages & salaries
Online-Zugang:	Volltext
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