The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
The Macroeconomics of Labor and Credit Market Imperfections
Abstract
Credit market imperfections influence the labor market and aggregate economic activity. In turn, macroeconomic factors have an impact on the credit sector. To assess these effects in a tractable general-equilibrium framework, we introduce endogenous search frictions, in the spirit of Peter Diamond (1990), in both credit and labor markets. We demonstrate that credit frictions amplify macroeconomic volatility through a financial accelerator. The magnitude of this general-equilibrium accelerator is proportional to the credit gap, defined as the deviation of actual output from its perfect credit market level. We explore various extensions, notably endogenous wages.
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Cites
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Monetary policy, business cycles, and the behavior of small manufacturing firms
Gertler, M., & Gilchrist, S. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118465 · Cited by 2,547
Cited by
Observing Unobservables: Identifying Information Asymmetries With a Consumer Credit Field Experiment
(2009) · Econometrica · doi:10.3982/ecta5781 · Cited by 503
Metadata
- Authors
- Wasmer, E., & Weil, P.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2004-09-01
- Volume
- 94
- Issue
- 4
- Pages
- 944-963
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3124983317
- Cited by
- 397
- References
- 3
- FWCI
- 30.03
- Type
- journal article
- Language
- en
- Open access
- closed
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