Liu, Haoming; Wen, Yi; Zhu, Lijing - Federal Reserve Bank of St. Louis - 2005
rigidity
(e.g., the efficiency wage theory). But no satisfactory explanations exist in this literature
for why unskilled workers ….g., Nickell and Bell, 1996; Bowlus et al., 2001).
1
The conventional wisdom regarding structural unemployment explains it as wage … that the efficiency wage premium is higher for low-skilled workers than
it is for skilled workers. Few empirical studies …