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dc.contributor.authorWasmer, Etienneen_US
dc.contributor.authorWeil, Philippeen_US
dc.date.accessioned2009-01-28T16:18:42Z-
dc.date.available2009-01-28T16:18:42Z-
dc.date.issued2000en_US
dc.identifier.urihttp://hdl.handle.net/10419/21022-
dc.description.abstractLabor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections, driven by microeconomic frictions and impacted upon by macroeconomic factors such as monetary policy, could also be to blame. This paper shows that labor and credit market imperfections interact in a complementary way - which may explain why European and US unemployment differ so much when labor markets have become more similar at the margin in Europe and the US. To develop this idea, we build a search model that treats credit and labor market imperfections in a symmetrical way. We introduce specificity in credit relationships, and assume that credit to potential entrepreneurs is rationed due to endogenous search frictions, in the spirit of Diamond (1990). These imperfections mirror the job search frictions that we introduce, – la Mortensen- Pissarides (1994), in the labor market.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesIZA Discussion paper series 179en_US
dc.subject.jelE51en_US
dc.subject.jelJ64en_US
dc.subject.jelG24en_US
dc.subject.ddc330en_US
dc.subject.keywordCredit and search frictionsen_US
dc.subject.keywordunemploymenten_US
dc.subject.keywordmonetary policyen_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwKreditmarkten_US
dc.subject.stwKreditrationierungen_US
dc.subject.stwSuchtheorieen_US
dc.subject.stwArbeitsmarkttheorieen_US
dc.subject.stwArbeitsucheen_US
dc.subject.stwInformationskostenen_US
dc.subject.stwMakroökonomischer Einflußen_US
dc.subject.stwSchätzungen_US
dc.subject.stwTheorieen_US
dc.subject.stwOECD-Staatenen_US
dc.titleThe Macroeconomics of Labor and Credit Market Imperfectionsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn319946487en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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