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This paper explores whether reemployment bonuses-cash payments made to insured unemployed workers who find reemployment quickly-have the unintended consequence of displacing workers who are not covered by the bonus program. We develop two partial equilibrium matching models of the labor market, patterned after the work of Diamond (1982) , Mortensen (1982), and Pissarides (1984) . In the first model, wages are assumed exogenous, in the second endogenous. In both, we find that the directdoi:10.17848/wp90-02 fatcat:igp7o6ym65at3eert6tzg6pbhi