Contract-Theoretic Approaches to Wages and Displacement

This paper develops a theoretical framework for analyzing contracting imperfections in long-term employment relationships. We focus chiefly on limited enforceability and limited worker liquidity. Inefficient severance of employment relationships, payment of efficiency wages, the relative responses of wages and employment to business cycle shocks, and the propagation of these shocks are linked to the nature of contracting imperfections.

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Year of publication:	1999-04
Authors:	Haan, Wouter J. den ; Ramey, Garey ; Watson, Joel
Institutions:	Cowles Foundation for Research in Economics, Yale University

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Extent:	application/pdf
Series:	Cowles Foundation Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Published in Review, Federal Reserve Bank of St. Louis, (May/June 1999), 81: 55-68 The price is None Number 1216 27 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005463911