Ma, Jinpeng (contributor) - 2004 - [Elektronische Ressource]. - Rev
constantly puzzling the economists, market analysts, and policymakers. This paper uses a simple hiring game in an efficiency wage … model framework to resolve that puzzle. Our efficiency wage model emphasizes the importance of the local unemployment rate … that nonzero steady involuntary unemployment at equilibrium may coexist with an efficiency wage that stays below the market …