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Temporary Layoffs in the Theory of Unemployment

Martin Feldstein
Journal of Political Economy
Vol. 84, No. 5 (Oct., 1976), pp. 937-958
Stable URL: http://www.jstor.org/stable/1830437
Page Count: 21
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Temporary Layoffs in the Theory of Unemployment
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Abstract

The typical worker who is laid off is soon rehired by his original employer. This important and generally unnoticed fact requires a major reevaluation of our current theories of unemployment. This paper develops a theory of temporary layoffs. Specific attention is given to the question of why employment is reduced instead of hours. The role of unemployment insurance and of taxes is examined in detail.

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