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    题名: Tournaments Minimum Wage and Money Non-neutrality
    作者: 林忠正;楊建成
    关键词: Tournament;Shirking;Minimum wage;Money non-neutralit
    日期: 2003-12
    上传时间: 2009-01-06 15:25:26 (UTC+8)
    摘要: To reconstruct the micro-foundation of Keynesian macro-economics, the efficiency wage
    theory has generally been considered a success in providing a plausible explanation for the existence of involuntary unemployment. However, little has been said about how monetary policy causes fluctuations in aggregate employment and output in the efficiency wage theory. This paper extends Lin and Yang’s [Econ. Inq. 39 (2001) 644] shirking-type efficiency wage model with tournaments to account for money non-neutrality. A distinct feature of our model is that, due to the adoption of tournaments, there will be a hierarchical wage structure rather than a flat wage in the economy. As will be argued, the labor market characterized in this paper is in a sense a reversion to Keynes’ General Theory, but also an improvement upon it.
    關聯: Journal of Macroeconomics,25(4),481-489
    数据类型: article
    显示于类别:[財政學系] 期刊論文

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