Journal Article

Efficiency wages revisited: The internal reference perspective

Economics Letters (2006) 90(2) 278-284
DOI: 10.1016/j.econlet.2005.08.015
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Abstract

The missing wage rigidity in general equilibrium models of efficiency wages is an artifact of the external wage reference definition usually adopted. Efficiency wage models with a wage reference depending on the firm's ability to pay generate strong wage rigidity. © 2005 Elsevier B.V. All rights reserved.

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Danthine, J. P., & Kurmann, A. (2006). Efficiency wages revisited: The internal reference perspective. Economics Letters, 90(2), 278–284. https://doi.org/10.1016/j.econlet.2005.08.015

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