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Involuntary Unemployment Reconsidered: Second-Best Contracting with Heterogeneous Firms and Workers.
Download full textNalebuff, Barry; Zeckhauser, Richard – 1981
The implicit contract theory, a new explanation for the phenomena of involuntary unemployment, does not capture the salient characteristics of real work employment. By building on implicit contract theory, this paper takes into account circumstances ignored in the traditional model: (1) institutional characteristics of the labor market enhance…
Descriptors: Business Cycles, Economic Climate, Economic Factors, Employment Practices
