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Contract-Theoretic Approaches to Wages and Displacement

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Author Info
Wouter J. den Haan
Garey Ramey
Joel Watson

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Abstract

This paper develops a theoretical framework for analyzing contracting imperfections in long-term employment relationships. We focus chiefly on limited enforceability and limited worker liquidity. Inefficient severance of employment relationships, payment of efficiency wages, the relative response of wages and employment to business cycle shocks, and the propagation of these shocks are linked to the nature of contracting imperfections.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6972.

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Date of creation: Feb 1999
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Handle: RePEc:nbr:nberwo:6972

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Find related papers by JEL classification:
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Garey Ramey & Joel Watson, 1996. "Bilateral Trade and Opportunism in a Matching Market," University of California at San Diego, Economics Working Paper Series 96-08, Department of Economics, UC San Diego. [Downloadable!]
  2. Strand, Jon, 1992. "Business cycles with worker moral hazard," European Economic Review, Elsevier, vol. 36(6), pages 1291-1303, August. [Downloadable!] (restricted)
  3. Ramey, Garey & Watson, Joel, 1997. "Contractual Fragility, Job Destruction, and Business Cycles," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 873-911, August.
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  4. Mortensen, Dale T & Pissarides, Christopher A, 1994. "Job Creation and Job Destruction in the Theory of Unemployment," Review of Economic Studies, Blackwell Publishing, vol. 61(3), pages 397-415, July. [Downloadable!] (restricted)
    Other versions:
  5. MacLeod, W Bentley & Malcomson, James M, 1998. "Motivation and Markets," American Economic Review, American Economic Association, vol. 88(3), pages 388-411, June. [Downloadable!] (restricted)
    Other versions:
  6. Robert E. Hall & Edward P. Lazear, 1984. "The Excess Sensitivity of Layoffs and Quits to Demand," NBER Working Papers 0864, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Danthine, Jean-Pierre & Donaldson, John B., 1990. "Efficiency wages and the business cycle puzzle," European Economic Review, Elsevier, vol. 34(7), pages 1275-1301, November. [Downloadable!] (restricted)
  8. Pissarides, Christopher A, 1985. "Short-run Equilibrium Dynamics of Unemployment Vacancies, and Real Wages," American Economic Review, American Economic Association, vol. 75(4), pages 676-90, September. [Downloadable!] (restricted)
  9. Garey Ramey & Joel Watson, 1999. "Contractual Intermediaries," University of California at San Diego, Economics Working Paper Series 97-26r, Department of Economics, UC San Diego. [Downloadable!]
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  10. Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262540932.
  11. Boldrin, Michael & Horvath, Michael, 1995. "Labor Contracts and Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 972-1004, October. [Downloadable!] (restricted)
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  12. Wouter J. den Haan & Garey Ramey & Joel Watson, 1997. "Job Destruction and Propagation of Shocks," University of California at San Diego, Economics Working Paper Series 97-23, Department of Economics, UC San Diego. [Downloadable!]
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  13. MacLeod, W. Bentley & Malcomson, James M., 1993. "Wage premiums and profit maximization in efficiency wage models," European Economic Review, Elsevier, vol. 37(6), pages 1223-1249, August. [Downloadable!] (restricted)
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  14. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June. [Downloadable!] (restricted)
  15. Hall, Robert E & Lazear, Edward P, 1984. "The Excess Sensitivity of Layoffs and Quits to Demand," Journal of Labor Economics, University of Chicago Press, vol. 2(2), pages 233-57, April. [Downloadable!] (restricted)
  16. MacLeod, W Bentley & Malcomson, James M, 1989. "Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment," Econometrica, Econometric Society, vol. 57(2), pages 447-80, March. [Downloadable!] (restricted)
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  17. MacLeod, W Bentley & Malcomson, James M & Gomme, Paul, 1994. "Labor Turnover and the Natural Rate of Unemployment: Efficiency Wage versus Frictional Unemployment," Journal of Labor Economics, University of Chicago Press, vol. 12(2), pages 276-315, April. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. repec:bep:thecon:v:1:y:2001:i:contributions/1/1:p:1030-1030 is not listed on IDEAS
  2. Garey Ramey & Joel Watson, 1999. "Contractual Intermediaries," University of California at San Diego, Economics Working Paper Series 1997-26R, Department of Economics, UC San Diego. [Downloadable!]
  3. Carstensen, Vivian, 2000. "Employment Stability via Annualized Hours Contracts," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover dp-230, Universität Hannover, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
  4. James E. Rauch & Joel Watson, 1999. "Starting Small in an Unfamiliar Environment," NBER Working Papers 7053, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Wouter den Haan & Garey Ramey & Joel Watson, 1999. "Job Destruction and the Experiences of Displaced Workers," University of California at San Diego, Economics Working Paper Series 1999-13, Department of Economics, UC San Diego. [Downloadable!]
    Other versions:
  6. Wouter J. den Haan & Garey Ramey & Joel Watson, 1999. "Job Destruction and the Experiences of Displaced Workers," University of California at San Diego, Economics Working Paper Series 99-13, Department of Economics, UC San Diego. [Downloadable!]
    Other versions:
  7. Patrick Francois & Huw Lloyd-Ellis, 2005. "Schumpeterian Restructuring," Working Papers 1039, Queen's University, Department of Economics. [Downloadable!]
  8. Carstensen, Vivian, 1999. "Beschäftigungssicherung durch Arbeitszeitflexibilisierung," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover dp-228, Universität Hannover, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
  9. James Costain & Marcel Jansen, 2006. "Employment Fluctuations with Downward Wage Rigidity," Computing in Economics and Finance 2006 204, Society for Computational Economics. [Downloadable!]
  10. James Costain & Marcel Jansen, 2006. "Employment fluctuations with downward wage rigidity: the role of moral hazard," Banco de España Working Papers 0632, Banco de España. [Downloadable!]
    Other versions:
  11. Garey Ramey & Joel Watson, 1999. "Contractual Intermediaries," Cowles Foundation Discussion Papers 1235, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
  12. J Rauch & Joel Watson, 1999. "Starting Small in an Unfamiliar Environment," University of California at San Diego, Economics Working Paper Series 1996-28R, Department of Economics, UC San Diego. [Downloadable!]
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