Welfare Costs of Sticky Wages When Effort Can Respond

We examine the impact of wage stickiness when employment has an effort as well as hours dimension. Despite wages being predetermined, the labor market clears through the effort margin. Consequently, welfare costs of wage stickiness are potentially much, much smaller.

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Year of publication:	2002-05-01
Authors:	Chang, Yongsung ; Bils, Mark
Institutions:	EconWPA
Subject:	Sticky Wage \| Endogenous Effort \| Welfare Cost

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Extent:	application/pdf
Series:	Macroeconomics.
Type of publication:	Book / Working Paper
Notes:	Type of Document - pdf; prepared on IBM-PC; to print on HP;
Classification:	E32 - Business Fluctuations; Cycles ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; J22 - Time Allocation and Labor Supply ; J31 - Wage Level and Structure; Wage Differentials by Skill, Training, Occupation, etc
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005561232