CINECA IRIS Institutional Research Information System
IRIS è la soluzione IT che facilita la raccolta e la gestione dei dati relativi alle attività e ai prodotti della ricerca. Fornisce a ricercatori, amministratori e valutatori gli strumenti per monitorare i risultati della ricerca, aumentarne la visibilità e allocare in modo efficace le risorse disponibili.
EnglishThe aim of New Keynesian theorists is to obtain Keynesian results on the basis of maximizing behavior. Accordingly, the New Keynesian “shirking” models depict a world of fully rational maximizing agents, where equilibrium unemployment is the main consequence of the payment of efficiency wages. The problem is that the oversimplified nature of most shirking models has until now prevented a full investigation of the interdependence of unemployment, the effort supplied by workers and labor demand. The present article seeks to show that the existence of this interdependence weakens the whole approach. In particular, when the unemployment rate is considered as a truly endogenous variable, the stability of the macroeconomic equilibrium is generally incompatible with the existence of unemployment ascribed to the fact that firms pay efficiency wages.
Scheda prodotto non validato
Attenzione! I dati visualizzati non sono stati sottoposti a validazione da parte dell'ateneo
| Titolo: | Endogenous Unemployment Rate in the Efficiency Wage Shirking Approach |
| Autori: | |
| Data di pubblicazione: | 2004 |
| Rivista: | |
| Abstract: | The aim of New Keynesian theorists is to obtain Keynesian results on the basis of maximizing behavior. Accordingly, the New Keynesian “shirking” models depict a world of fully rational maximizing agents, where equilibrium unemployment is the main consequence of the payment of efficiency wages. The problem is that the oversimplified nature of most shirking models has until now prevented a full investigation of the interdependence of unemployment, the effort supplied by workers and labor demand. The present article seeks to show that the existence of this interdependence weakens the whole approach. In particular, when the unemployment rate is considered as a truly endogenous variable, the stability of the macroeconomic equilibrium is generally incompatible with the existence of unemployment ascribed to the fact that firms pay efficiency wages. |
| Handle: | http://hdl.handle.net/11580/7473 |
| Appare nelle tipologie: | 1.1 Articolo in rivista |
File in questo prodotto:
http://hdl.handle.net/11580/7473
Copyright © 2020