A classical model of involuntary unemployment: Efficiency wages and macroeconomic policy
成果类型：
Article
署名作者：
Jullien, B; Picard, P
署名单位：
Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite Paris Nanterre
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2364
发表日期：
1998
页码：
263-285
关键词：
摘要：
A two period monetary overlapping generations model with efficiency wages is constructed, in which the workers' effort is unobservable and wage contracts verify an incentive compatibility constraint to prevent shirking. Irs dynamics is similar ro the one of a market clearing neoclassical model driven by intertemporal substitution effects, in which the labour supply curve would be replaced by a nonshirking condition. But normative properties of macroeconomic policies differ. In particular employment subsidies are welfare improving and the golden rule on real interest rates may not hold. Conditions for a transitory increase in public consumption to be welfare improving are also obtained. (C) 1998 Academic Press.