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misaligned rate of exchange (F3)<br />An exchange rate which persistently departs from its FUNDAMENTAL EQUILIBRIUM leveL
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shirking model (J3)<br />A model of wage determination that asserts a wage is fixed at a high enough level to ensure that workers do not shirk because they fear that if they were caught they would lose their high incomes. This model takes into account the MORAL HAZARD problem arising from a firm only periodically observing worker effort.<br /><em>Reference</em><br />Shapiro, C. and Stiglitz, J.E. (1984) 'Equilibrium unemployment as a worker discipline device', American Economic Review 74: 433-44.
football pool (Dl)<br />A method of gambling on the outcome of a number of football matches on the same day. The fixed stakes of the punters are accumulated in a fund out of which dividends are paid to those who have successfully predicted the outcome of matches, with most points going to a prediction of teams which score the same number of goals as each other. The balance of the weekly fund is acquired by the pools promoter.
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