Economics of wage determination
Theories of wage determination play an important role in the microeconomic foundation of macroeconomics and help to get a better understanding of labor market phenomena at the macro-level. This book offers a comprehensive survey on major theories of wage determination like the efficiency wage theories and the contract theories. The empirically oriented papers concentrate on the wage determination process in Europe, Japan and the United States and provide insights into the validity of wage determination theories for these countries. The role of non-monetary benefits from work (e.g. job quality and job characteristics) as well as search aspects of labor supply are further topics. This volume not only provides a survey on the state of the art but may also serve as a text for university courses on labor economics, macroeconomics and applied econometrics.
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Robert J Gordon
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aggregate Akerlof analysis assumed assumption asymmetric information average behavior blue-collar workers Blundell Bremen Bremen data changers coefficients components dependent discouraged workers disturbances dummy variables earnings Economic Review effect efficiency wage hypothesis efficiency wage theory employees equilibrium estimated excess demand explain firm German Socio-Economic Panel growth higher house price/earnings house prices human capital hypothesis important incentive income increase individual industry inflation interpretation Japan Japanese job characteristics job tenure labor contracts labor cost Labor Economics labor market labor quality labor's share labour supply lagged measure mobility natural rate negative observed optimal output indexation output ratio Panel data paper parameters Phillips curve positive price equation price indexation problem productivity real wage regional regression sample sectoral wage significant South East specification standard statistical Stiglitz Table Tobit model unemployed unemployment rate utility function variance wage changes wage determination wage differentials wage equation wage rate worksharing zero