Are “fair” wages quantitatively important for business cycle fluctuations in Bulgaria?
We introduce “fair” wages in a general-equilibrium model where worker’s effort is unobservable and investigate whether such a mechanism can quantitatively account for the degree of real wage rigidity in the Bulgarian labor markets, as documented in Lozev, Vladova, and Paskaleva (2011) and Paskaleva...
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| Format: | Article |
| Language: | English |
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Sciendo
2020-03-01
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| Series: | Review of Economic Perspectives |
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| Online Access: | https://doi.org/10.2478/revecp-2020-0005 |