作者：Edwards, S
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
作者：Swamy, AV
摘要：In the nutrition-based efficiency wage model wages in labor markets in developing countries are rigid because lowering them would reduce worker productivity and increase the cost per efficiency unit. I evaluate this claim, using data from rural India. I find that, contrary to what has been assumed in these models, a wage cut should lower the cost per efficiency unit of labor. (C) 1997 Elsevier Science B.V.
作者：Flood, R; Marion, N
作者单位：International Monetary Fund; Dartmouth College
摘要：In this paper, we consider a policymaker in a stochastic environment who pegs the nominal exchange rate and adjusts the peg periodically so as to minimize the flow cost of real exchange-rate misalignment and the fixed cost of peg readjustment. Characterizing the real exchange rate as regulated Brownian motion permits the policymaker's problem to be solved for the optimal size and timing of devaluations. Using cross-sectional data on 80 peg episodes from seventeen Latin American countries over ...
