Shirking, unemployment and aggregate fluctuations

• 成果类型: Article
• 署名作者: Gomme, P
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Quebec; University of Quebec Montreal; Universite de Montreal
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/1468-2354.00002
• 发表日期: 1999
• 页码: 3-21
• 关键词: economic time-series; business-cycle; LABOR

摘要

Empirically, real wages exhibit relatively little cyclical Variation and a weak cyclical pattern. Early real business cycle (RBC) models predict, to the contrary, large, procyclical real wage movements. Incorporating efficiency wages into a RBC environment would seem promising since one prediction from the efficiency wage literature is real wage rigidity. This paper evaluates a common microfoundation for efficiency wages, the shirking model, with respect to its predictions for rear wages within a RBC-style model. Simulations of the model reveal that it can generate dampened but still strongly procyclical real wage behavior.