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An efficiency wage model modified
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adaptation theory additional adverse selection aggregate Akerlof and Yellen alternative ATDISPt ATTANASIO Average hours BLANCHFLOWER boost productivity CATHERWOOD LIBRARY CCAD changes Cobb-Douglas coefficient on unemployment column cost depreciation Datastream denotes disposals effect of unemployment efficiency wage model efficiency wage theories efficiency wage variable eparately IV Estimates equation evidence example EXSTAT data EXSTAT item firm-specific fixed effect firms gross capital stock high relative wages higher unemployment historic cost Independent Variable industry-specific unemployment rate Instrumental Variables Estimates JACKMAN Krueger and Summers LABOUR ECONOMICS level of unemployment ln:apital ln(Industry ln(Lit*NHjt measure Microeconomics model where workers Muellbauer l984 NHjt Nickell and Wadhwani Okun's coefficient Okun's law Order OSWALD PISSARIDES PLOEG price index proxy rationalise raw materials regression rent-sharing Richard Layard rise robust significant skill mix tangible assets term tock(lt turnover UK Micro-Data unemployment on productivity unemployment raises productivity unobserved human capital utilisation vertime/Normal wages and unemployment Yellen l987