Layoffs, Recruitment, and Interfirm Mobility
整合契约与搜寻理论，解释劳动合同形成、劳动力市场跨期结构及失业现象，分析低生产率企业裁员与高生产率企业招聘的内生关系，并评估遣散费对裁员和流动的影响。
Contract and search theories are integrated to provide a consistent explanation of contract formation, the intertemporal structure of labor markets, the absence of ex post clearing, and thus of unemployment in a contractual setting. Self-fulfilling equilibria are described in which low-productivity firms lay off some workers, while high-productivity firms' recruitment (search) intensity and the resulting degree of interfirm mobility are endogenous. The effects of severance pay on layoffs and mobility are identified. Finally, the market economy is shown to generate too few layoffs whenever high-productivity firms recruit new hires: without recruitment, laid-off workers are immobile and equilibrium is constrained efficient. Copyright 1986 by University of Chicago Press.