Unemployment with Observable Aggregate Shocks

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Unemployment with Observable Aggregate Shocks

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dc.contributor.author Grossman, Sanford J.
dc.contributor.author Hart, Oliver D.
dc.contributor.author Maskin, Eric S.
dc.date.accessioned 2010-01-04T21:02:06Z
dc.date.issued 1983
dc.identifier.citation Grossman, Sanford J., Oliver D. Hart, Eric S. Maskin. 1983. Unemployment with observable aggregate shocks. Journal of Political Economy 91(6): 907-928. en_US
dc.identifier.issn 0022-3808 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:3448840
dc.description.abstract A general equilibrium model of' optimal employment contracts is developed where firms have better information about labor's marginal product than workers. It is optimal for the wage to be tied to the level of employment, to prevent the firm from falsely stating that the marginal product is low and cutting the wage. It is shown that an observed aggregate shock that leads to an interindustry shift in labor demand and that would have no effect on total employment under symmetric information leads to a reduction in employment when firms and workers have asymmetric information. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher University of Chicago Press en_US
dc.relation.isversionof doi:10.1086/261193 en_US
dash.license LAA
dc.title Unemployment with Observable Aggregate Shocks en_US
dc.type Journal Article en_US
dc.description.version Version of Record en_US
dc.relation.journal Journal of Political Economy -Chicago- en_US
dash.depositing.author Hart, Oliver D.
dc.date.available 2010-01-04T21:02:06Z

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  • FAS Scholarly Articles [7594]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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