Efficiency wages, nominal rigidities, and the cyclical behavior of real wages and marginal cost

Michael Kiley

No 1997-24, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This paper presents a model in which efficiency wages generate acyclical real wages but do not lower the sensitivity of marginal cost to output or increase price stickiness. Consideration of previous models suggests that efficiency wages are a poor source of real rigidity.

Keywords: Wages (search for similar items in EconPapers)
Date: 1997
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Citations: View citations in EconPapers (16)

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Journal Article: Efficiency wages, nominal rigidities and the cyclical behavior of real wages and marginal cost (1997)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:1997-24

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