@article{Vasilev_Aleksandar_A_2017, author={Vasilev, Aleksandar}, howpublished={online}, year={2017}, abstract={
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 relatively standard real business cycle model with unobservable workers effort by employers and efficiency wage contracts, as well as through the inclusion of a detailed government sector. This imperfection in labor markets introduces a 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.
}, 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}, }