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Working Paper

A Two-Sector Implicit Contracting Model with Procyclical Quits and Involuntary Layoffs

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An explanation of involuntary unemployment and procyclical quits based on models of implicit contracts and on-the-job search.
02.01.1989WP 89-02
Suggested Citation

Carlstrom, Charles T. 1989. “A Two-Sector Implicit Contracting Model with Procyclical Quits and Involuntary Layoffs.” Federal Reserve Bank of Cleveland, Working Paper No. 89-02.