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Deriving the Wage-Wage and Price-Price Phillips Curves from a Model with Efficiency Wages and Imperfect Information
This study derives reduced-form equations for the wage–wage Phillips curve and the price–price Phillips curve from firms' optimizing behavior, under the assumptions that firms pay efficiency wages and that workers' ...
An Efficiency Wage Approach to Reconciling the Wage Curve and the Phillips Curve
This study develops an efficiency wage model that generates a wage curve at the regional level and a Phillips curve at the national level, under the assumption that workers' efficiency depends on both regional and aggregate ...