EFFICIENCY WAGE MODELS OF UNEMPLOYMENT‐ONE VIEW

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99 citations0/0 files storedEconomic Inquiry

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Labor market dynamics and wage inequality Monetary Policy and Economic Impact Economic theories and models

Abstract

Persistent wage rigidity and involuntary unemployment appear to be recurrent problems in most economies. What could be preventing the wage adjustment necessary to clear the labor market? Many recent papers claim to have found the answer in efficiency wage models. This paper surveys this literature and attempts to evaluate its accomplishments. It concludes that the efficiency wage models fail to explain wage rigidity or persistent involuntary unemployment.

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References

1973Job Market Signaling 1986Equilibrium Unemployment as a Worker Discipline Device 1981The Role of Market Forces in Assuring Contractual Performance 1982Labor Contracts as Partial Gift Exchange 1979Why Is There Mandatory Retirement?1974Law Enforcement, Malfeasance, and Compensation of Enforcers 1988Efficiency Wages and the Inter-Industry Wage Structure 1975The Theory of Screening, Education, and the Distribution of Income

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2003To match or not to match?1995Efficiency wages, involuntary unemployment and urban spatial structure 1993Keynesian, Old Keynesian, and New Keynesian Wage Nominalism 1998Efficiency wages, disinflation and labor mobility

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