Results 311 to 320 of about 338,873 (350)

Efficiency wages, staggered wages, and union wage-setting

Oxford Economic Papers, 2014
This article studies the role of staggered efficiency wages in a small-scale DSGE model. The simple structure of the model allows for closed-form solutions. The set-up differs from the related literature in that I assume wages are sticky and unions are responsible for wage-setting.
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Efficiency Wages and X-Inefficiencies

SSRN Electronic Journal, 1997
Within most organizations, agents may spend time on a variety of tasks — productive and redistributive. In this paper, I derive an optimal multi‐task incentive scheme under the assumption that agents have limited liability. The wage level is shown to increase with an agent's discretion and the organization's profits.
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Efficiency Wages and Classical Wage Theory

Journal of the History of Economic Thought, 2007
In The General Theory, John Maynard Keynes lumped together the marginalist and neoclassical economics of the late nineteenth and twentieth centuries and the more narrowly defined “classical” economics of Adam Smith, David Ricardo, J. R. McCulloch, James and John Stuart Mill and other mainstream economists of the late eighteenth and early nineteenth ...
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Efficiency Wages, Monopoly Unions and Efficient Bargaining

The Economic Journal, 1991
There are two leading models of wage determination for the unionised sector of the economy. The first, which is labelled the monopoly model (MM) by Oswald (I985), assumes that the union sets the wage and the employer chooses the profit maximising employment level.
Hendricks, Wallace E, Kahn, Lawrence M
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Efficiency Wage Models of Unemployment

1995
Keynesian economists hold it to be self-evident that business cycles are characterized by involuntary unemployment. But construction of a model of the cycle with involuntary unemployment faces the obvious difficulty of explaining why the labor market does not clear.
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Efficiency wages, wage indexation and macroeconomic stabilization

Economics Letters, 1989
Abstract This paper examines the effects of nominal wage indexation on output variability when effort affects the productivity of labor inputs. Given this specification, it is shown that, contrary to Gray's (1976) result, full wage indexation is not destabilizing in the presence of supply shocks.
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Sticky wages, efficiency wages, and market processes

The Review of Austrian Economics, 1994
ainstream macroeconomics is in disarray. Perusal of commonly used textbooks in macroeconomics will con- firm that impression without much difficulty. Unfortu- nately, the same statement could have been made, and often was made, fifteen years ago. While in this sense little has changed in recent years, the disarray is now more fundamental and severe ...
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Efficient Wage Dispersion

1997
In market economies identical workers appear to receive very different wages, violating the ‘law of one price’ of Walrasian markets. It is argued in this paper that in the absence of a Walrasian auctioneer to coordinate trade: (i) wage dispersion among identical workers is very often an equilibrium phenomenon; and (ii) such dispersion is necessary for ...
Acemoglu, Daron, Shimer, Robert
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An Empirical Analysis of Wage Dispersion and Efficiency Wages

The Scandinavian Journal of Economics, 1994
Summary: The main purpose of this study is to examine inter-industry wage differentials in Sweden. After controlling for individual and job characteristics, the results indicate that these differentials are substantial. The ranking of the differentials was stable over time, while the dispersion of wage premiums fell by 50 per cent during the period ...
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Efficiency wage and efficient redundancy pay

European Economic Review, 2000
Abstract A dynamic version of Shapiro and Stiglitz's shirking model features a form of inefficiency which is not captured by the original static model. Since, incentive compatibility requires workers to enjoy state-independent rents, any offer by redundant workers to take a wage cut is not credible, as it is not ex post incentive compatible.
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