Credit Markets and Unemployment in the Short Run and in the Long Run
Etienne Wasmer () and
Philippe Weil ()
International Economic Journal, 2001, vol. 15, issue 1, 1-19
This paper examines the short run and long run responses of unemployment to credit and labor market shocks in a world in which both credit and labor market frictions keep the economy away from full employment. We examine the respective contributions to equilibrium unemployement of stochastic credit market frictions and of credit conditions. We examine the contrasting effects of financial liberalization in the short run and in the long run.[E44]
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