Are “fair” wages quantitatively important for business cycle fluctuations in Bulgaria?
نویسندگان
چکیده
منابع مشابه
Fair Wages in a New Keynesian Model of the Business Cycle∗
We build a New Keynesian model of the business cycle with sticky prices and real wage rigidities motivated by efficiency wages of the gift exchange variety. Compared to a standard sticky price model, our Fair Wage model provides an explanation for structural unemployment and generates more plausible labor market dynamics — notably accounting for the low correlation between wages and employment....
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ژورنال
عنوان ژورنال: Review of Economic Perspectives
سال: 2020
ISSN: 1804-1663
DOI: 10.2478/revecp-2020-0005