Unemployment and Growth in the Long Run: an Efficiency‐Wage Model With Optimal Savings*
构建了一个包含技术进步和最优储蓄的效率工资模型，分析长期中失业与增长的关系，发现外生增长提速可能推高失业率，而劳动力一次性增加在內生增长情形下可能降低失业率。
An efficiency‐wage model of steady‐state equilibrium with labor‐augmenting technical progress is developed to explore the long‐run relationship between unemployment and growth. The rate of productivity growth is either specified exogenously or determined endogenously. In both cases, we preserve key results of the Shapiro–Stiglitz efficiency‐wage analysis without growth. Our model, however, also yields some striking new results. For instance, an exogenous increase in the growth rate may raise the rate of efficiency‐wage unemployment, and a once‐for‐all rise in the labor force may reduce the unemployment rate in the endogenous‐growth case.