Abstract We introduce “fair” wages in a general-equilibrium model where worker’s effort is unobservable and investigate whether such a mechanism can quantitatively account for the degree of real wage rigidity in the Bulgarian labor markets, as documented in Lozev, Vladova, and Paskaleva (2011) and Paskaleva (2016). In contrast to Danthine and Kurmann (2004), we internalize the effect that past wages have on the current effort level. We calibrate the model to Bulgarian data (1999-2016), and quantify the effect of technological shocks on hours and wages in the theoretical setup. Overall, the calibrated model with “fair” wages performs poorly when it comes to the relative volatilities of labor market variables. This is because aggregate labor market conditions, as proxied by the employment rate and past aggregate wages, turn out not to be quantitatively important for business cycles in Bulgaria.

中文翻译：

---

在保加利亚，“合理”的工资在数量上对商业周期波动是否重要？

摘要我们在无法观察到工人努力的一般均衡模型中引入“公平”工资，并研究这种机制是否可以从数量上解释保加利亚劳动力市场中实际工资刚性的程度，如Lozev，Vladova和Paskaleva（ 2011）和Paskaleva（2016）。与Danthine和Kurmann（2004）相比，我们将过去的工资对当前努力水平的影响内部化。我们根据保加利亚数据（1999-2016）对该模型进行了校准，并在理论设置中量化了技术冲击对工时和工资的影响。总体而言，当涉及劳动力市场变量的相对波动性时，带有“合理”工资的校准模型的性能较差。这是因为总的劳动力市场条件，如就业率和过去的总工资所代替，