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4 Results

The Carrot and the Stick: The Business Cycle Implications of Incentive Pay in the Labor Search Model

Staff Working Paper 2015-35 Julien Champagne
This paper considers a real business cycle model with labor search frictions where two types of incentive pay are explicitly introduced following the insights from the micro literature on performance pay (e.g. Lazear, 1986).

Poignée de main invisible et persistance des cycles économiques : une revue de la littérature

Staff Working Paper 2003-40 Christian Calmès
The author explains how self-enforcing labour contracts can enhance the performance of macroeconomic models. He exposes the benefits of using these dynamic contracts to account for some puzzling macroeconomic facts regarding the dynamics and persistence of employment, consumption and output.