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... a satisfactory macroeconomic labor model should explain well such a stylized fact. The efficiency wage theory has in recent years generally been regarded as a powerful vehicle for explaining why involuntary unemployment has persisted in the labor market. In constructing a business cycle model, "a potential problem of the efficiency-wage hypothesis is the absence of a link between aggregate demand and economic activity"2. Hence, until Akerlof and Yellen (1985) presented the near-rational model, efficiency wage theories still left unanswered the question of how changes in the money supply can affect real output. In macroeconomic theory, the wage is simply regarded as the amount of money that employees receive and is assumed to be exactly equal to the average cost of labor to employers. In practice, the components of wages are more complicated than the simple economic setting would suggest. There exist some gaps between the amounts that trading partners pay and ...