By explicitly examining the symmetry assumption implicit in much of the efficiency wage literature, a plausible supply-side link between monetary policy and worker productivity is introduced. Specifically, if relative wages influence worker behavior asymmetrically and monetary policy alters relative wages, then monetary policy may ultimately affect productivity. The paper reports evidence consistent with both linkages and, therefore, the monetary authority should concern itself not only with demand-side implications, but also with the additional supply-side consideration.
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Volume (Year): 26 (2000) Issue (Month): 4 (Fall) Pages: 439-454 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
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