What people are saying - Write a review
We haven't found any reviews in the usual places.
Macroeconomic Implications of Labor Contracts
Summary and Conclusions
1 other sections not shown
Other editions - View all
agents aggregate assume asymmetric information Azariadis behavior consider constraint consumption contracting approach contracting models contracting practices contracting problem contracts literature degree of indexation depends determined discussion employed workers employment distortions employment levels employment rule enforcement problems equilibrium ex post expected utility firm's firms are risk Fischer fluctuations function given Hence imperfect information incentive compatibility incentive problems independent indifference curve inefficiencies informational asymmetries labor market labor services layoffs leisure level of employment Lucas 68 macro-contracting models macroeconomic implications marginal product marginal rate market clearing Marxian Economics money supply negotiated nominal wage observe optimal contract optimal labor contract output perfect substitutes period preferences profits Proposition random variable rate of substitution rational expectations real shocks realizations reputation effects restrictions risk averse risk neutral risk sharing severance pay severance payments specific spot market strictly increasing THEORY tions total hours underemployment unemployed we(s worker-firm pair workers and firms worksharing