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One of the more troubling aspects of the ferment in macroeconomics that followed the demise of the Keynesian dominance in the late 1960s has been the inability of many of the new ideas to account for unemployment remains unexplained because equilibrium in most economic models occurs with supply equal to demand: if this equality holds in the labor market, there is no involuntary unemployment. Efficiency Wage Models of the Labor Market explores the reasons why there are labor market equilibria with employers preferring to pay wages in excess of the market-clearing wage and thereby explains involuntary unemployment. This volume brings together a number of the important articles on efficiency wage theory. The collection is preceded by a strong, integrative introduction, written by the editors, in which the hypothesis is set out and the variations, as described in subsequent chapters, are discussed.

Labour market --- Wage formation --- Wages --- Salaires --- Econometric models --- Modèles économétriques --- WAGES --- 330.564 --- 331.5 --- AA / International- internationaal --- 332.20 --- 332.27 --- 339.21 --- 332.630 --- 332.620 --- Verdeling van nationaal inkomen. Inkomensverdeling --- Arbeidsmarkt. Werkgelegenheid --(algemeen) --- Bezoldiging van de arbeid: algemeenheden. --- Loonpolitiek. --- Ongelijkheid en herverdeling van vermogens en inkomens. Inkomensbeleid. --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid. --- Werkloosheid: algemeenheden. Philipscurve. --- 331.5 Arbeidsmarkt. Werkgelegenheid --(algemeen) --- 330.564 Verdeling van nationaal inkomen. Inkomensverdeling --- Modèles économétriques --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Bezoldiging van de arbeid: algemeenheden --- Loonpolitiek --- Werkloosheid: algemeenheden. Philipscurve --- Strijd tegen de werkloosheid: algemeen. Theorie en beleid van de werkgelegenheid. Volledige werkgelegenheid --- Ongelijkheid en herverdeling van vermogens en inkomens. Inkomensbeleid --- Econometric models. --- Business, Economy and Management --- Economics --- WAGES - Econometric models

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This paper explains upward job mobility and observed patterns of unemployment by skill as an economy recovers from a recession. Skilled unemployment is due to rational waiting by workers looking for long-term jobs when there is a "lock-in" effect. Lock-in occurs if the conditions in the labor market when a worker first accepts a job have a persistent effect on wages. Using longitudinal data, we provide empirical evidence of the cyclical pattern of wages predicted by the theory and also of lock-in.

Occupational mobility.

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Economics