Grandmont, Jean-Michel - Dipartimento di Economia, Università Ca' Foscari Venezia - 2006
This paper introduces efficiency wages designed to provide workers with incentives to make appropriate effort levels, and involuntary unemployment, along the pioneering lines of Negishi (1979), Solow (1979), Shapiro and Stiglitz (1984), in a dynamic model involving heterogeneous agents and...