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dc.contributor.authorDromel, Nicolasen
dc.contributor.authorKolakez, Elieen
dc.contributor.authorLehmann, Etienneen
dc.date.accessioned2009-12-04-
dc.date.accessioned2010-07-07T12:06:12Z-
dc.date.available2010-07-07T12:06:12Z-
dc.date.issued2009-
dc.identifier.piurn:nbn:de:101:1-20091104951en
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x4501en
dc.subject.jelE24en
dc.subject.jelE44en
dc.subject.jelJ08en
dc.subject.jelJ64en
dc.subject.ddc330en
dc.subject.keywordCredit marketsen
dc.subject.keywordlabor marketsen
dc.subject.keywordunemploymenten
dc.subject.keywordcredit constraintsen
dc.subject.keywordsearch frictionsen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwHysteresisen
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwTheorie der Arbeitslosigkeiten
dc.subject.stwArbeitsucheen
dc.subject.stwSchätzungen
dc.subject.stwOECD-Staatenen
dc.titleCredit constraints and the persistence of unemployment-
dc.type|aWorking Paperen
dc.identifier.ppn614352827en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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