Unemployment and Wage Rigidity when Labor Supply is a Household Decision

Kaushik Basu, Garance Genicot () and Joseph Stiglitz

Working Papers from California Irvine - School of Social Sciences

Abstract: The present paper formally models household labor supply decisions and establishes sufficient conditions established, such as the possibility of multiple equilibria in the labor market and how the announcement of a minimum wage policy can result in an overall lowering of wages and also give rise to an equilibirum which display, simultaneously, excess demand and excess supply of labor.

Keywords: LABOUR; SUPPLY; WAGES; UNEMPLOYMENT (search for similar items in EconPapers)
JEL-codes: D10 J64 K31 (search for similar items in EconPapers)
Date: 2000
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