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:	1999-01-01
Authors:	Haan, Wouter J. den ; Ramey, Garey ; Watson, Joel
Institutions:	Department of Economics, University of California-San Diego (UCSD)
Subject:	wates \| business cycle shocks

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Extent:	application/pdf
Series:	University of California at San Diego, Economics Working Paper Series.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series Department of Economics, UCSD
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010817528