Involuntary unemployment 

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Microsoft Word - discussion165.doc
... wages are above the market clearing level, there is involuntary unemployment. the relatively high wage combined with the threat of unemployment stimulates the worker to maximize his output. some empirical support ... compensation scheme may imply that the worker is disciplined through the concept of equilibrium unemployment (as with efficiency wages). it is however often possible to construct a wage ...
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Microsoft Word - discussion57
... equilibrium, sustaining regional unemployment differentials out of equilibrium. inelastic supply and durability of housing affect aggregate unemployment as well as regional unemployment differentials, because ... smith, 1995, efficiency wages, involuntary unemployment and urban spatial structure, journal of urban economics, appendix 1 city-level house prices and unemployment rates city house price ...
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