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dc.contributor.authorWasmer, Etienneen
dc.date.accessioned2011-10-06-
dc.date.accessioned2011-11-23T11:40:18Z-
dc.date.available2011-11-23T11:40:18Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:101:1-201106202111en
dc.identifier.urihttp://hdl.handle.net/10419/51952-
dc.description.abstractUnemployment may depend on equilibrium in other markets than the labor markets. This paper adresses this old idea by introducing search frictions on several markets: in a model of credit and labor market imperfections as in Wasmer and Weil (2004), I further introduce search on the goods market. The model can be solved by blocks: on two of the three markets, the relevant market tightness is a constant of parameters. In particular, goods market tightness, expressed as the ratio of unmatched consumers to unmatched firms, is equal to 1 which corresponds to a stochastic Say's law: demand and supply are stochastically in equilibrium. Financial market tightness is also a function of three parameters related to financial frictions. Job creation and employment depend on the equilibrium in the other markets. Reciprocally, higher job destruction implies more volatility of income of individual consumers and higher destruction of consumption matches. This lowers profits and further reduces job creation. Finally, there are complementarities between frictions in each market: in particular, the marginal effect of financial frictions on equilibrium unemployment is amplified by goods market frictions and vice versa.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x5758en
dc.subject.jelJ6en
dc.subject.jelE12en
dc.subject.jelE13en
dc.subject.ddc330en
dc.subject.keywordsearchen
dc.subject.keywordmatchingen
dc.subject.keywordunemploymenten
dc.subject.keywordgoods market imperfectionsen
dc.titleA steady-state model of a non-walrasian economy with three imperfect markets-
dc.typeWorking Paperen
dc.identifier.ppn669432369en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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