THEORETICAL FOUNDATIONS FOR STICKY WAGES
- 1 June 1990
- journal article
- Published by Wiley in Journal of Economic Surveys
- Vol. 4 (2) , 115-155
- https://doi.org/10.1111/j.1467-6419.1990.tb00083.x
Abstract
The paper compares three different types of theoretical explanation of ‘sticky’wages. They are implicit contracts, efficiency wage models and insider/outsider models. It then reconsiders Keynes’rationale for sticky wages, which focuses on relative wage issues. Finally, the paper considers possible directions for future research.Keywords
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