Labor Turnover and the Natural Rate of Unemployment: Efficiency Wage versus Frictional Unemployment
比较了效率工资模型和摩擦性失业模型对经济环境变化的工资和失业反应，发现两者在多数情况下方向一致，但效率工资模型中总劳动需求上升可能降低实际工资。数值模拟显示效率工资模型能较好匹配美国失业与工资波动比率。
Wage and unemployment responses to changes in economic environment are compared for efficiency wage and frictional models. Changes in aggregate demand, persistence of job-specific shocks, cost of living, and unemployment benefits are considered. Wages and unemployment move in the same direction in the two models, except that an upward shift in aggregate labor demand can reduce the real wage in the efficiency wage, but not the frictional, model. In a numerical simulation calibrated to U.S. data, real productivity shocks in the efficiency wage model yield a ratio of unemployment to wage variability close to that of the United States. Copyright 1994 by University of Chicago Press.