Journal article

Labor Turnover and the Natural Rate of Unemployment: Efficiency Wage versus Frictional Unemployment.

Abstract:: Wage and unemployment responses to changes in economic environment are compared for efficiency wage and frictional models. Changes in aggregate demand, persistence of job-specific shocks, cost of living, and unemployment benefits are considered. Wages and unemployment move in the same direction in the two models, except that an upward shift in aggregate labor demand can reduce the real wage in the efficiency wage, but not the frictional, model. In a numerical simulation calibrated to U.S. data, real productivity shocks in the efficiency wage model yield a ratio of unemployment to wage variability close to that of the United States.

Actions

Email

Email this record

Send the bibliographic details of this record to your email address.

Your Email
Please enter the email address that the record information will be sent to.

-
Your message (optional)
Please add any additional information to be included within the email.
Cite

Cite this record

APA Style

MacLeod, W., Malcomson, J., & Gomme, P. (1994). Labor Turnover and the Natural Rate of Unemployment: Efficiency Wage versus Frictional Unemployment. Journal of Labor Economics, 12(2), 276–315.

MLA Style

MacLeod, W., et al. “Labor Turnover and the Natural Rate of Unemployment: Efficiency Wage versus Frictional Unemployment.” Journal of Labor Economics, vol. 12, no. 2, 1994, pp. 276–315.

Chicago Style

MacLeod, W, J Malcomson, and P Gomme. 1994. “Labor Turnover and the Natural Rate of Unemployment: Efficiency Wage versus Frictional Unemployment.” Journal of Labor Economics 12 (2): 276–315.
Share
Print

Authors

+ MacLeod, W More by this author

Role:: Author

+ Malcomson, J More by this author

Role:: Author

+ Gomme, P More by this author

Role:: Author

Journal:: Journal of Labor Economics More from this journal
Volume:: 12
Issue:: 2
Pages:: 276 - 315
Publication date:: 1994-04-01
ISSN:: 0734-306X

Language:: English
UUID:: uuid:254105d0-33a6-4273-8ab6-5e41c8b1d03c
Local pid:: oai:economics.ouls.ox.ac.uk:11023
Deposit date:: 2011-08-16

Terms of use

Copyright date:: 1994

Licence:: Terms and Conditions of Use for Oxford University Research Archive

Views and Downloads

About views and downloads

If you are the owner of this record, you can report an update to it here: Report update to this record

TO TOP