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Journal article
The macroeconomic consequences of reciprocity in labor relations
The Scandinavian journal of economics, v 109(4), pp 857-881
Dec 2007
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Abstract
We develop and analyze a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an explicit trade-off between the disutility of providing effort and the psychological benefit of reciprocating the gift of a wage offer above some reference level. The model provides a rationale for rent sharing-a feature that is very much present in the data but absent from previous formulations of the efficiency wage hypothesis. This firm-internal perspective on efficiency wages has potentially important macroeconomic consequences: rent-sharing considerations promote wage rigidity, internal amplification and differential responses to technology and demand shocks.
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Details
- Title
- The macroeconomic consequences of reciprocity in labor relations
- Creators
- Jean-Pierre Danthine - University of LausanneAndre Kurmann - Université du Québec à Montréal
- Publication Details
- The Scandinavian journal of economics, v 109(4), pp 857-881
- Publisher
- Wiley
- Number of pages
- 25
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Economics (School of Economics)
- Web of Science ID
- WOS:000253638700010
- Scopus ID
- 2-s2.0-42549146608
- Other Identifier
- 991020550490304721
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Economics