Wages and Unemployment A Study in Non-Walrasian Macroeconomics [Hardcover]

This book assesses theoretical approaches in macroeconomics that focus on wage rigidities and involuntary unemployment.This book provides and overview and assessment of various theoretical approaches in macroeconomics that focus on wage rigidities and involuntary unemployment. It offers an analysis of the microeconomic foundations of rigid wages and considers their implications for public policy. It reports new findings concerning the theory fix-price temporary equilibria, and provides a analysis of the micro-foundations of inefficiencies in the labour market such as risk- sharing mechanisms, union behaviour and efficiency wage models.This book provides and overview and assessment of various theoretical approaches in macroeconomics that focus on wage rigidities and involuntary unemployment. It offers an analysis of the microeconomic foundations of rigid wages and considers their implications for public policy. It reports new findings concerning the theory fix-price temporary equilibria, and provides a analysis of the micro-foundations of inefficiencies in the labour market such as risk- sharing mechanisms, union behaviour and efficiency wage models.This book provides an overview and assessment of various theoretical approaches in macroeconomics that focus on wage rigidities and involuntary unemployment. It offers an analysis of the microeconomic foundations of rigid wages and considers their implications for public policy. It reports new findings concerning the theory of fix-price temporary equilibria, and provides an analysis of the micro-foundations of inefficiencies in the labor market such as risk-sharing mechanisms, union behavior and efficiency wage models.1. Price rigidities and temporary equilibrium; 2. Wage rigidity and short-run macroeconomic equilibrium; 3. Real wages and the inflation-unemployment dilemma; 4. External constraint, oil shock, and economic policy; 5. Implicit contracts and unions; 6. Introduction to efficiency wage models; 7. Wages, emplolÓJ