The macroeconomics of labor and credit market imperfections

• 成果类型: Article; Proceedings Paper
• 署名作者: Wasmer, E; Weil, P
• 署名单位: University of Quebec; University of Quebec Montreal; Universite de Lorraine
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/0002828042002525
• 发表日期: 2004
• 页码: 944-963
• 关键词: business; INFORMATION; search

摘要

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.