The Efficiency Wage Under Long-run Employment

Sanjay Banerji and Manas Ranjan Gupta

Boston University - Institute for Economic Development from Boston University, Institute for Economic Development

Abstract: The purpose of this paper is to analyze the determination of wage rates in a setting where the health capital of labor accumulates over time. Our conclusions are (1) the efficiency wage in a dynamic framework exceeds the static wage rate and (2) there is a possibility of multiple steady state equilibria. We also conduct some comparative static exercises with respect to some key parameters.

Date: 1996-07
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Persistent link: https://EconPapers.repec.org/RePEc:fth:bosecd:74

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