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dc.contributor.authorDromel, Nicolasen_US
dc.contributor.authorKolakez, Elieen_US
dc.contributor.authorLehmann, Etienneen_US
dc.date.accessioned2009-12-04en_US
dc.date.accessioned2010-07-07T12:06:12Z-
dc.date.available2010-07-07T12:06:12Z-
dc.date.issued2009en_US
dc.identifier.piurn:nbn:de:101:1-20091104951en_US
dc.identifier.urihttp://hdl.handle.net/10419/36120-
dc.description.abstractIn this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its persistence. For this purpose, we first develop a theoretical model based on the equilibrium matching framework of Mortensen and Pissarides (1999) and Pissarides (2000) where we introduce credit constraints. We show these credit constraints not only increase steady-state unemployment, but also slow down the transitional dynamics. We then provide an empirical illustration based on a country panel dataset of 20 OECD countries. Our results suggest that credit market imperfections significantly increase the persistence of unemployment.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 4501en_US
dc.subject.jelE24en_US
dc.subject.jelE44en_US
dc.subject.jelJ08en_US
dc.subject.jelJ64en_US
dc.subject.ddc330en_US
dc.subject.keywordCredit marketsen_US
dc.subject.keywordlabor marketsen_US
dc.subject.keywordunemploymenten_US
dc.subject.keywordcredit constraintsen_US
dc.subject.keywordsearch frictionsen_US
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwHysteresisen_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwTheorie der Arbeitslosigkeiten_US
dc.subject.stwArbeitsucheen_US
dc.subject.stwSch├Ątzungen_US
dc.subject.stwOECD-Staatenen_US
dc.titleCredit constraints and the persistence of unemploymenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn614352827en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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