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Author : Carl Merrit Campbell
Publisher :
ISBN 13 :
Total Pages : 11 pages
Book Rating : 4.:/5 (753 download)
Download or read book Can Efficiency Wage Theory Explain Nominal Wage Rigidity? written by Carl Merrit Campbell and published by . This book was released on 1992 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew Weiss
Publisher : Princeton University Press
ISBN 13 : 140086206X
Total Pages : 126 pages
Book Rating : 4.4/5 (8 download)
Download or read book Efficiency Wages written by Andrew Weiss and published by Princeton University Press. This book was released on 2014-07-14 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Known for his seminal work in efficiency-wage theory, Andrew Weiss surveys recent research in the field and presents new results. He shows how wage schedules affect the kinds of workers a firm employs and how well those workers perform on the job. Using straightforward examples, he demonstrates how efficiency-wage theory can explain labor market outcomes and guide government policy. There is a separate section of applications to less developed countries. "Efficiency-wage models represent one of the most important developments in economic theory of recent years. They have, at last, provided integrated explanations both of macroeconomic phenomena, such as unemployment and wage rigidity, and microeconomic phenomena, such as wage dispersion. Weiss--one of the pioneers of efficiency-wage theory--provides here a masterful survey, a lucid and systematic and yet critical account of this rapidly developing branch of economics. This book should be required reading in all courses in macroeconomics."--Joseph Stiglitz, Stanford University "Efficiency Wages should be on the bookshelf of all labor and macroeconomists."--Lawrence H. Summers, Harvard University "A splendid monograph ... most readable... I will put it on my reading list."--Partha Dasgupta, Stanford University Originally published in 1991. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author : Joseph E. Stiglitz
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.3/5 ( download)
Download or read book Theories of Wage Rigidity written by Joseph E. Stiglitz and published by . This book was released on 1984 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers two sets of theories attempting to explain wage rigidities and unemployment: implicit contract theory and the efficiency wage theory. The basic thesis of the paper is that the former set of theories do not provide a convincing explanation of the kind of wage rigidity which is associated with cyclical unemployment, while the latter theories do. Several of the more recent versions of implicit contract theory are considered: implicit contracts with asymmetric information may give rise to over employment rather than underemployment, and the forms of contracts to be expected, were asymmetric information considerations paramount, are not observed. Other versions of the asymmetric information implicit contract model, explicitly long term in nature, may give rise to full employment. One version of implicit contract theory which does give rise to lay-offs arises when search is costly and cannot be monitored. But even this extension does not explain certain important features of observed patterns of unemployment. In contrast, the efficiency wage models not only provide an explanation of the existence of unemployment equilibrium in competitive economies, but they also provide part of the explanation of the observed patterns of unemployment. They also explain why different firms may pay similar workers different wages, why wages may be sticky, why firms maynot loose much if they fail to adjust their wages, and why, when they adjust their wages optimally, they adjust them slowly. The policy implications of the efficiency wage model are markedly different from those of models in which wages are absolutely rigid aswell as from those in which unemployment arises from asymmetric information.
Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 301 pages
Book Rating : 4.:/5 (661 download)
Download or read book Efficiency Wage written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-02-12 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Efficiency Wage The term efficiency wages was introduced by Alfred Marshall to denote the wage per efficiency unit of labor. Marshallian efficiency wages are those calculated with efficiency or ability exerted being the unit of measure rather than time. That is, the more efficient worker will be paid more than a less efficient worker for the same amount of hours worked. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Efficiency wage Chapter 2: Labour economics Chapter 3: Minimum wage Chapter 4: New Keynesian economics Chapter 5: Phillips curve Chapter 6: Employment Chapter 7: Principal-agent problem Chapter 8: Personnel economics Chapter 9: Signalling (economics) Chapter 10: Labour market flexibility Chapter 11: Compensating differential Chapter 12: Insider-outsider theory of employment Chapter 13: Ekkehart Schlicht Chapter 14: Involuntary unemployment Chapter 15: Union wage premium Chapter 16: Monopsony Chapter 17: Rehn-Meidner model Chapter 18: Real rigidity Chapter 19: Wage compression Chapter 20: Shapiro-Stiglitz theory Chapter 21: Gift-exchange game (II) Answering the public top questions about efficiency wage. (III) Real world examples for the usage of efficiency wage in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Efficiency Wage.
Author : Michael T. Kiley
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.E/5 ( download)
Download or read book Efficiency Wages, Nominal Rigidities, and the Cyclical Behavior of Real Wages and Marginal Cost written by Michael T. Kiley and published by . This book was released on 1997 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ernst Fehr
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.X/5 (6 download)
Download or read book The Robustness and Real Consequences of Nominal Wage Rigidity written by Ernst Fehr and published by . This book was released on 2000 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jan Babecky
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (16 download)
Download or read book Downward nominal and real wage rigidity : survey evidence from European firms written by Jan Babecky and published by . This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. The authors analyse which firm-level and institutional factors are associated with wage rigidity. The results indicate that it is related to workforce composition at the establishment level in a manner that is consistent with related theoretical models (e.g. efficiency wage theory, insider-outsider theory). The analysis also finds that wage rigidity depends on the labour market institutional environment. Collective bargaining coverage is positively related with downward real wage rigidity, measured on the basis of wage indexation. Downward nominal wage rigidity is positively associated with the extent of permanent contracts and this effect is stronger in countries with stricter employment protection regulations.
Author : Sachiko Kuroda
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (318 download)
Download or read book Why are Nominal Wages Downwardly Rigid, But Less So in Japan? written by Sachiko Kuroda and published by . This book was released on 2006 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this paper, we survey the theoretical and empirical literature to investigate why nominal wages can be downwardly rigid. Looking back from the 19th century until recently, we first examine the existence and extent of downward nominal wage rigidity (DNWR) for several countries. We find that (1) nominal wages were flexible in the 19th century and first half of the 20th century, but (2) nominal wages were downwardly rigid in almost all industrialized countries in the second half of the 20th century, although (3) the extent of DNWR varied from country to country. Next, we use a behavioral economics framework to explain the reasons for DNWR. We also explain why the existence and extent of DNWR varied between time periods and/or from country to country, focusing on differences in the labor market characteristics (such as labor mobility and employment protection legislation) and in the macroeconomic environment (such as economic growth and inflation), which can alter employees' and firms' perceptions toward nominal wage cuts."--Authors' abstract.
Author : George A. Akerlof
Publisher : Cambridge University Press
ISBN 13 : 9780521312844
Total Pages : 196 pages
Book Rating : 4.3/5 (128 download)
Download or read book Efficiency Wage Models of the Labor Market written by George A. Akerlof and published by Cambridge University Press. This book was released on 1986-11-28 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors explore the reasons why involuntary unemployment happens when supply equals demand.
Author : William Oliver Coleman
Publisher : Edward Elgar Publishing
ISBN 13 : 1849808112
Total Pages : 251 pages
Book Rating : 4.8/5 (498 download)
Download or read book The Political Economy of Wages and Unemployment written by William Oliver Coleman and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this tightly argued work William Coleman explores the macroeconomic implications of politically based restraints on competition in labour markets. Through a suite of compact models the author investigates the consequences of the labour force securing the best terms of sale for its labour by means of the electoral mechanism. He concludes that such ?electorally optimal' labour regulation can explain not only wage rigidity and unemployment, but also wage volatility; episodes of excess demand for labour; the co-existence of an inefficient state sector with an efficient private sector; and the preference for a minimum wage over a universal wage regulation. Finally, the approach can rationalise nominal wage rigidity, and not solely real wage rigidity. In sum, the analysis promises to both complete the Classical explanation of unemployment by predicting when, why and how real wages will be rigid, and at the same time to better secure Keynesian insights by suggesting how money rigidity may be characteristic of electorally optimal labour regulation.
Author : Lorri Elizabeth Rumph
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (265 download)
Download or read book Efficiency Wage Theories of Wage Rigidity and Unemployment written by Lorri Elizabeth Rumph and published by . This book was released on 1992 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christoph Knoppik
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.E/5 ( download)
Download or read book How Rigid are Nominal Wages? written by Christoph Knoppik and published by . This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Theodora Kosma
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Downward Nominal and Real Wage Rigidity written by Theodora Kosma and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been well established that the wages of individual workers react little, especially downwards, to shocks that hit their employer. This paper presents new evidence from a unique survey of firms across Europe on the prevalence of downward wage rigidity in both real and nominal terms. We analyse which firm-level and institutional factors are associated with wage rigidity. Our results indicate that it is related to workforce composition at the establishment level in a manner that is consistent with related theoretical models (e.g. efficiency wage theory, insideroutsider theory). We also find that wage rigidity depends on the labour market institutional environment. Collective bargaining coverage is positively related with downward real wage rigidity, measured on the basis of wage indexation. Downward nominal wage rigidity is positively associated with the extent of permanent contracts and this effect is stronger in countries with stricter employment protection regulations.
Author : Luis A. Riveros
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Efficiency Wage Theory, Labor Markets, and Adjustment written by Luis A. Riveros and published by . This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Efficiency wage theory suggests that wages (and hence labor markets) may be unresponsive to typical macroeconomic policies that seek to lower real wages, change resource allocation, and reduce open unemployment. Under this theory, firms will react to macroeconomic shocks by altering employment (laying workers off), not wages.
Author : Derek Laing
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book A Signalling Theory of Nominal Wage Inflexibility written by Derek Laing and published by . This book was released on 1991 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pierre-Richard Agénor
Publisher : International Monetary Fund
ISBN 13 : 1451854781
Total Pages : 98 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Labor Market and Economic Adjustment written by Pierre-Richard Agénor and published by International Monetary Fund. This book was released on 1995-11-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of the labor market in the transmission process of adjustment policies in developing countries. It begins by reviewing the recent evidence regarding the functioning of these markets. It then studies the implications of wage inertia, nominal contracts, labor market segmentation, and impediments to labor mobility for stabilization policies. The effect of labor market reforms on economic flexibility and the channels through which labor market imperfections alter the effects of structural adjustment measures are discussed next. The last part of the paper identifies a variety of issues that may require further investigation, such as the link between changes in relative wages and the distributional effects of adjustment policies.
Author : Joseph G. Altonji
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (247 download)
Download or read book The Extent and Consequences of Downward Nominal Wage Rigidity written by Joseph G. Altonji and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the Panel Study of Income Dynamics, we find that true wage changes have many fewer nominal cuts and more nominal freezes than reported nominal wage changes. The data overwhelmingly rejects a model of flexible wage changes and provides some evidence against a model of perfect downward rigidity in favor of a more general model. The more general model incorporates downward rigidity but specifies that nominal wage cuts may occur when large cuts would occur in the absence of wage rigidity. However, the results of the general model imply that nominal wage cuts are rare. We also analyze the personnel files of a large corporation and find cuts in base pay are rare and almost always associated with changes in full time status or a switch between compensation schemes involving incentives. Our evidence on the consequences of nominal wage rigidity is mixed. We find modest support for the hypothesis that workers who are overpaid because of nominal wage rigidity are less likely to quit.
