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Contract-Theoretic Approaches to Wages and DisplacementWouter J. Den HaanUniversity of Amsterdam; Centre for Economic Policy Research (CEPR); Tinbergen Institute Garey RameyUniversity of California, San Diego (UCSD) - Department of Economics Joel WatsonUniversity of California, San Diego (UCSD) - Department of Economics February 1999 NBER Working Paper No. w6972 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.
Number of Pages in PDF File: 29 working papers seriesDate posted: June 22, 1999Suggested CitationContact Information
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