Skip to main content

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


An explanation of involuntary unemployment and procyclical quits based on models of implicit contracts and on-the-job search.


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

Upcoming EventsSEE ALL