This introductory essay offers a brief guided tour of the main developments in the theory of implicit contracts, from its inception to the present.It is not intended as a survey but, rather, as an appraisal of the progress that has been made, the difficulties that remain, and as an outline of the macroeconomic and macroeconomic issues that seem to invite additional work. This issue of the Journal brings together several recent contributions on implicit contracts and quantity-constrained equilibria.Almost ten years ago, the theory of implicit contracts signaled a fresh effort by economists to understand the twin empirical regularities of wage stickiness and involuntary unemployment, amid hopes that the macroeconomic foundations of Keynesian macroeconomics, especially those of the fixed price method, would be strengthened in the process.This introductory essay offers a brief guided tour of the main developments in the theory of implicit contracts, from its inception to the present.Our purpose, however, is somewhat different from that of ordinary tourguides: we do not intend to survey the landscape' but, rather, to appraise the progress that has been made, to identify some of the difficulties, and to outline the macroeconomic and macroeconomic issues that seem to invite additional work.
Stored only when both papers are in the corpus — 117 citations exist upstream.
Imported from OpenAlex (CC0) — nothing here is generated.