@article{Vasilev_Aleksandar_A_2017,
 author={Vasilev, Aleksandar},
 howpublished={online},
 year={2017},
 abstract={<p>
 In this paper we investigate the quantitative importance of efficiency 
 wages of no-shirking type in explaining business cycle fluctuations in 
 Bulgarian labor markets. This is done by augmenting a&#8239;relatively 
 standard real business cycle model with unobservable workers effort by 
 employers and efficiency wage contracts, as well as through the 
 inclusion of a&#8239;detailed government sector. This imperfection in labor 
 markets introduces a&#8239;strong internal transmission mechanism that allows 
 the model framework to capture the business cycles in Bulgarian data 
 better than earlier models, and setups assuming perfectly-competitive 
 labor markets in particular.
 </p>},
 title={A Real-Business-Cycle Model with Efficiency Wages and a Government Sector: The Case of Bulgaria},
 type={Artykuły / Articles},
 number={No 4},
 journal={Central European Journal of Economic Modelling and Econometrics},
 pages={359-377},
 publisher={Oddział PAN w Łodzi},
 doi={10.24425/cejeme.2017.122215},
 keywords={general equilibrium, shirking, efficiency wages, unemployment, Bulgaria},
}