The Macroeconomic Consequences of Reciprocity in Labor Relations
نویسندگان
چکیده
منابع مشابه
The Macroeconomic Consequences of Reciprocity in Labor Relations ∗
We develop and analyze a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an explicit trade-off between the disutility of providing effort and the psychological benefit of reciprocating the gift of a wage offer above some reference level. The model provides a rationale for rent sharing—a feature that is very much present in the data but absent from previo...
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One of the most provocative findings in experimental economics is that many individuals seem to be willing to spend considerable resources to reward (punish) fair (unfair) behavior by others even though no direct material gain derives from such action. In Fehr and Falk (1999), individuals are either assigned the role of a worker or a firm manager.1 Even though competitive bidding should push th...
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We develop a reciprocity-based model of wage determination and incorporate it into a modern dynamic general equilibrium framework. We estimate the model and find that, among potential determinants of wage policy, rent-sharing (between workers and firms) and a measure of wage entitlement are critical to fit the dynamic responses of hours, wages and inflation to various exogenous shocks. Aggregat...
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We investigate the positive and normative consequences of child-labor restrictions for economic aggregates and welfare. We argue that even though the laissez-faire outcome may be inefficient, there are usually better policies to cure these inefficiencies than the imposition of a child-labor ban. Given this finding, we investigate the potential political-economic reasons behind the emergence and...
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This paper presents an integrated approach to wage and employment determination combining microeconomic evidence with macroeconomic theory. More specifically, we first develop an efficiency wage model with labor turnover and show that the worker’s decision problem gives rise to a quit-rate function. We then use microeconomic data to estimate this quit-rate function and to test the specification...
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ژورنال
عنوان ژورنال: Scandinavian Journal of Economics
سال: 2007
ISSN: 0347-0520,1467-9442
DOI: 10.1111/j.1467-9442.2007.00518.x