The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Financial Market Imperfections and Business Cycles
Abstract
Because of financial market imperfections, such as those generated by asymmetric information in financial markets, which lead to breakdowns in markets, like that for equity, in which risks are shared, firms act in a risk-averse manner. The resulting macroeconomic model accounts for many widely observed aspects of actual business cycles: (a) cyclical movements in real product wages, (b) cyclical patterns of output and investment including inventories, (c) sensitivity of the economy to small perturbations, and (d) persistence. More downward flexibility in wages and prices may exacerbate the plight of an economy that is in a deep recession.
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Citations
Cites
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
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
Cited by
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
The financial accelerator, and the flight to quality
Bernanke, B., Gertler, M., & Gilchrist, S. (1996) · The Review of Economics and Statistics · doi:10.2307/2109844 · Cited by 2,351
Information and the Change in the Paradigm in Economics
Stiglitz, J. E. (2002) · American Economic Review · doi:10.1257/00028280260136363 · Cited by 1,455
Self-citationCapital market liberalization, economic growth, and instability
Stiglitz, J. E. (2000) · World Development · doi:10.1016/s0305-750x(00)00006-1 · Cited by 1,416
Self-citationCredit chains and bankruptcy propagation in production networks
Battiston, S., Delli Gatti, D., Gallegati, M., Greenwald, B., & Stiglitz, J. E. (2007) · Journal of Economic Dynamics and Control · doi:10.1016/j.jedc.2007.01.004 · Cited by 316
Self-citation
Metadata
- Authors
- Greenwald, B. C., & Stiglitz, J. E.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1993-02-01
- Volume
- 108
- Issue
- 1
- Pages
- 77-114
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2014676982
- Cited by
- 857
- References
- 2
- FWCI
- 34.58
- Type
- journal article
- Language
- en
- Open access
- closed
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- Greenwald, B. C., & Stiglitz, J. E. (1993). Financial Market Imperfections and Business Cycles. The Quarterly Journal of Economics. https://doi.org/10.2307/2118496
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
