The Macroeconomic Consequences of Reciprocity in Labor Relations*
构建了一个基于互惠性的效率工资结构模型，解释租金分享现象，并分析其对工资刚性、经济波动放大及技术冲击与需求冲击差异化反应的宏观影响。
Abstract We develop and analyze a structural model of efficiency wages founded on reciprocity. Workers are assumed to face an explicit trade‐off between the disutility of providing effort and the psychological benefit of reciprocating the gift of a wage offer above some reference level. The model provides a rationale for rent sharing—a feature that is very much present in the data but absent from previous formulations of the efficiency wage hypothesis. This firm‐internal perspective on efficiency wages has potentially important macroeconomic consequences: rent‐sharing considerations promote wage rigidity, internal amplification and differential responses to technology and demand shocks.