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Title: |
Credit Markets and Unemployment in the Short
Run and in the Long Run |
| Author: |
Wasmer,
Etienne; Weil, Philippe |
| Author
Affiliation: |
ECARES, ULB,
and CEPR; ECARES, ULB, CEPR, and NBER |
| Source: |
International Economic Journal, Spring 2001, v. 15, no. 1, pp. 1-19 |
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Publication Date: |
Spring 2001 |
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Abstract: |
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 unemployment 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. |
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