A classical model of involuntary unemployment: efficiency wages and macroeconomic policy

Article Abstract:

An evaluation of an efficiency wage model that calls for a fully-fledged welfare analysis reveals that an employment subsidy is needed where employment is suboptimal and that a tightening of monetary policy is needed if the employment subsidy policy is also suboptimal. The resulting tightening on monetary policy has been found to result in distortions in intertemporal resources with the optimal long run budgetary policy subject to credibility problems.

Models, Unemployment, Wages, Wages and salaries

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Potential games with continuous player sets

Article Abstract:

Research is presented concerning the development of a class of games which feature an externality symmetry condition and continuous player sets. A subclass of games which involve evolutionary dynamics is discussed.

Externalities (Economics)

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Participation constraints in adverse selection models

Article Abstract:

Optimal contracts are examined when principals are uninformed and agents are informed.

Contracts

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