지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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The optimal contract under moral hazard is embedded in a standard equilibrium search model. Under standard assumptions, we show that when firms cannot perfectly observe workers' productivity, the optimal contract akes the form of a standard debt contract. When this contract is embedded in the standard model, the calibrated model can possibly generate a more rigid wage and more volatile employment than the standard model. However, for the model to capture the observed cyclicality of employment, the largest portion of wage should be paid as a base wage which is constant irrespective of worker's performance. When the sources of wage rigidity are investigated, we find that the introduction of optimal contract setting---the absence of bargaining power and the limited incentive effect at the optimum---plays most important roles. This paper provides an endogenous mechanism for real wage rigidity even under the presence of performance-based pay, induced by moral hazard problem.
목차
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참고문헌 (40)
참고문헌 신청
Abowd, J.M / 1985 / Estimating Gross Labor-Force Flows / Journal of Business and Economic Statistics 3(3):254~283
Altonji, J / 1986 / Intertemporal Substitution in Labor Supply: Evidence from Micro Data / Journal of Political Economy 94:176~215
Andolfatto, D / 1996 / Labor Search and Business Cycle / American Economic Review 86(1):112~132
Beaudry, P / 1995 / The Effect of Implicit Contracts on the Movement of Wages over the Business Cycle: Evidence from Micro Data / Journal of Political Economy 99(4):972~1004
Bils, M / 1985 / Real Wage over the Business Cycle : Evidence from Panel Data / Journal of Political Economy 93(4):666~689
Altonji, J / 1986 / Intertemporal Substitution in Labor Supply: Evidence from Micro Data / Journal of Political Economy 94:176~215
Andolfatto, D / 1996 / Labor Search and Business Cycle / American Economic Review 86(1):112~132
Beaudry, P / 1995 / The Effect of Implicit Contracts on the Movement of Wages over the Business Cycle: Evidence from Micro Data / Journal of Political Economy 99(4):972~1004
Bils, M / 1985 / Real Wage over the Business Cycle : Evidence from Panel Data / Journal of Political Economy 93(4):666~689
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