Labor market dynamics when effort depends on wage growth comparisons |
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| Authors: | David de la Croix Franz Palm Jean-Pierre Urbain |
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| Institution: | (1) National Fund for Scientific Research (Belgium) and University of Louvain, Department of Economics, Place Montesquieu 3, B-1348 Louvain-la-Neuve (e-mail: delacroix@ires.ucl.ac.be), BE;(2) University of Maastricht, Department of Quantitative Economics, P.O. Box 616, 6200 MD Maastricht, The Netherlands (e-mail: f.palm@ke.unimaas.nl), (e-mail: J.URBAIN@KE.UNIMAAS.NL), NL |
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| Abstract: | We present an efficiency wage model in which workers' disutility of effort depends on the level and on the growth rate of
their wage relative to an alternative wage. Using data for four countries (US, UK, FR, GY), the implications of the model
are examined and are found to be in accordance with the information in the non-stationary data. The restrictions implied by
the model dynamics are not rejected by the data and the structural parameters are found to be constant through time. One interesting
result is that the workers' disutility of effort depends less on relative wages growth and more on relative wage levels in
the US than in the three European countries analyzed.
First version received: September 1998 / Final version accepted: November 1999 |
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| Keywords: | : Efficiency wages partial gift exchange effort function cointegration GMM |
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