The authors test the hypothesis that individual effort on the job depends both on one's own
income and on the individual's position in the relevant income distribution. Combining …

The financial crises that had begun as a sub-prime crisis in the USA in 2007 had plunged a
great many economies throughout the world into deep economic recessions. It seemed that …

We analyze the medium-term macroeconomic impact of the Covid-19 pandemic and
associated lock-down measures on low-income countries. We focus on the impact of the …

We build a New Keynesian model of the business cycle with sticky prices and real wage
rigidities motivated by efficiency wages of the gift exchange variety. Compared to a standard …

Starting point of this book is the observation that an increase in public debt must be
accompanied by a rise in the primary surplus of the government to guarantee sustainability …

This paper modifies the standard one-sector stochastic growth model in an effort to explain
the observed low procyclicality of the aggregate real wage in the USA. The modifications …

We develop a dynamic general equilibrium macroeconomic model with segmented labour
markets and efficiency wages to examine how labour market structures influence the impact …

We analyse the effects of public debt on economic growth in a basic endogenous growth
model with persistent unemployment due to wages rigidities. We show that there exists …

We develop and analyze a structural model of efficiency wages founded on reciprocity.
Workers are assumed to face an explicit trade‐off between the disutility of providing effort …

This paper studies the macroeconomic impact of a statutory minimum wage. I demonstrate
by means of a medium-scale DSGE model, which I estimate with US data, how the minimum …