Imperfect Information, Credit Markets and Unemployment

Bruce C. Greenwald and Joseph Stiglitz

No 2093, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper describes how imperfect information in both capital and labor markets can, in a context of maximizing firms and perfectly flexible prices and wages, give rise to cyclical variations in unemployment whose character closely resembles that of observed business cycles.

Date: 1986-12
Note: EFG LS
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Published as Greenwald, Bruce C. and Joseph E. Stiglitz. "Imperfect Information, Credit Markets and Unemployment," European Economic Review, Vol. 31, 1987, pp. 444-45 6.

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