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Structural Unemployment and Keynesian Unemployment in an Efficiency Wage Model with a Phillips Curve

Using a dynamic efficiency wage model, where a Phillips curve appears because worker morale depends on the unemployment rate and a change in nominal wages, we analyze the effects of fiscal and monetary expansions and of an employment subsidy on unemployment in two steady states. In one steady state, only structural unemployment occurs. In the other, not only structural unemployment but also Keynesian unemployment arises. We find that the effects obtained in the former steady state contrast strongly with those obtained in the latter.