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Turnover Costs, Efficiency Wages and Cycles

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  • W. Bentley Macleod
  • James M. Malcomson

Abstract

This paper studies the implications of our recent work on two labour market imperfections for the cyclical properties of wages and employment. One of these imperfections is turnover costs. We explore the implications of the interaction of turnover costs with investment decisions for the form of wage contracts and hence for the cyclical properties of wages. The other imperfection is the difficulty of verifying employee performance. We consider the implications of this for the payment of efficiency wages and the consequence for the cyclical properties of wages and employment.

Suggested Citation

  • W. Bentley Macleod & James M. Malcomson, 1995. "Turnover Costs, Efficiency Wages and Cycles," Annals of Economics and Statistics, GENES, issue 37-38, pages 55-74.
    • Handle: RePEc:adr:anecst:y:1995:i:37-38:p:55-74
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    File URL: http://www.jstor.org/stable/20075980
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    Cited by:

    1. Anete Pajuste & Hernán Ruffo, 2017. "Wage rigidity and workers’ flows during recessions," SSE Riga/BICEPS Research Papers 4, Baltic International Centre for Economic Policy Studies (BICEPS);Stockholm School of Economics in Riga (SSE Riga).
    2. Manuel David Cruz, 2022. "Labor productivity, real wages, and employment: evidence from a panel of OECD economies over 1960-2019," Working Papers PKWP2203, Post Keynesian Economics Society (PKES).

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