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A model of long-term contracts

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  • John Bryant

Abstract

Long-term contracts are explained as equilibrium strategies of supergames. In the specific coherent general equilibrium model provided, limited mobility of labor, in the form of a fixed cost of moving, generates long-term contracts.

Suggested Citation

  • John Bryant, 1980. "A model of long-term contracts," Staff Report 47, Federal Reserve Bank of Minneapolis.
  • Handle: RePEc:fip:fedmsr:47
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    References listed on IDEAS

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    1. Dornbusch, Rudiger & Fischer, Stanley & Samuelson, Paul A, 1977. "Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods," American Economic Review, American Economic Association, pages 823-839.
    2. Carlton, Dennis W, 1978. "Market Behavior with Demand Uncertainty and Price Inflexibility," American Economic Review, American Economic Association, vol. 68(4), pages 571-587, September.
    3. Bryant, John, 1978. "An Annotation of "Implicit Contracts and Underemployment Equilibria."," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 1159-1160, December.
    4. Azariadis, Costas, 1975. "Implicit Contracts and Underemployment Equilibria," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1183-1202, December.
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