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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.
02.01.1989ISSN 2573-7953 WP 89-02

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

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.