Unemployment and Wage Rigidity when Labor Supply is a Household Decision
The present paper formally models household labor supply decisions and establishes sufficient conditions established, such as the possibility of multiple equilibria in the labor market and how the announcement of a minimum wage policy can result in an overall lowering of wages and also give rise to an equilibirum which display, simultaneously, excess demand and excess supply of labor.
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|Date of creation:||2000|
|Contact details of provider:|| Postal: UNIVERSITY OF CALIFORNIA IRVINE, SCHOOL OF SOCIAL SCIENCES, IRVINECALIFORNIA 91717 U.S.A.|
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Policy Research Working Paper Series
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- Kaushik Basu, 1999. "Child Labor: Cause, Consequence, and Cure, with Remarks on International Labor Standards," Journal of Economic Literature, American Economic Association, vol. 37(3), pages 1083-1119, September.
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