Profit Sharing, Capital Formation and the NAIRU
研究了不同薪酬制度对总就业的影响，发现从固定工资转向利润分享经济会降低总失业率，并考虑了资本存量的内生性，反驳了利润分享会抑制投资的常见批评。
This paper reconsiders the impact of different remuneration systems on aggregate employment. Contrary to common wisdom on this topic, we show that the switch from a fixed wage economy to a share economy results in lower aggregate unemployment. An additional innovation of this paper is the endogeneity of the capital stock decision of the firm, which enables us to assess and reject the common “disincentive‐to‐invest” criticism of a share economy.