The Effects of an Employment Subsidy in an Efficiency Wage Model with a Phillips Curve

Using a dynamic efficiency wage model where a Phillips curve relationship arises because worker morale depends on the unemployment rate and the change in nominal wages, we analyze both structural and Keynesian unemployment and the effects of an employment subsidy on the two types of unemployment. We show that the presence of an aggregate demand deficiency crucially influences the impact of the employment subsidy

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Year of publication:	2014
Authors:	Murota, Ryu-ichiro
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Phillips-Kurve \| Phillips curve \| Theorie \| Theory \| Effizienzlohn \| Efficiency wages \| Lohnsubvention \| Wage subsidy \| Beschäftigungseffekt \| Employment effect \| Arbeitslosigkeit \| Unemployment

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