There can be changes in the level of competition based on the number of firms in an industry. The model for the supply side of the economy is also based on monopolistic-competition where firms have market power to set prices.
The efficiency wage idea was first proposed by (Shapiro and Stiglitz 1984) in a paper called Equilbrium Unemployment as a Worker Discipline Device. 13.1 The monetary transmission mechanismĮfficiency Wage model (Carlin and Soskice 2015).12.3 Eurozone governance, sovereign risk and banking.8.5 Schumpeterian growth: the Aghion-Howitt model.7.3 The GFC compared to the Great Depression.7.1 Pre-crisis system: incentives, instruments and actors.6.4 Financial Accelerator and balance sheet recessions.6.2 Financial crisis and the business cycle.5 Money, Banking and the Financial Sector.2.5 The labour market and the business cycle.2.3 Changes in equilibrium unemployment.
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