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dc.contributor.authorWasmer, Etienneen
dc.contributor.authorWeil, Philippeen
dc.date.accessioned2009-01-28T16:18:42Z-
dc.date.available2009-01-28T16:18:42Z-
dc.date.issued2000-
dc.identifier.urihttp://hdl.handle.net/10419/21022-
dc.description.abstractLabor market frictions are not the only possible factor responsible for high unemployment. Creditmarket imperfections, driven by microeconomic frictions and impacted upon by macroeconomicfactors such as monetary policy, could also be to blame. This paper shows that labor and creditmarket imperfections interact in a complementary way - which may explain why European andUS unemployment differ so much when labor markets have become more similar at the marginin Europe and the US.To develop this idea, we build a search model that treats credit and labor market imperfectionsin a symmetrical way. We introduce specificity in credit relationships, and assume that credit topotential 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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x179en
dc.subject.jelE51en
dc.subject.jelJ64en
dc.subject.jelG24en
dc.subject.ddc330en
dc.subject.keywordCredit and search frictionsen
dc.subject.keywordunemploymenten
dc.subject.keywordmonetary policyen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwKreditmarkten
dc.subject.stwKreditrationierungen
dc.subject.stwSuchtheorieen
dc.subject.stwArbeitsmarkttheorieen
dc.subject.stwArbeitsucheen
dc.subject.stwInformationskostenen
dc.subject.stwMakroökonomischer Einflußen
dc.subject.stwSchätzungen
dc.subject.stwTheorieen
dc.subject.stwOECD-Staatenen
dc.titleThe Macroeconomics of Labor and Credit Market Imperfections-
dc.typeWorking Paperen
dc.identifier.ppn835294331en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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