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Imperfect Information, Credit Markets and Unemployment

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.
Year of publication:
1986-12
Authors: Greenwald, Bruce C. ; Stiglitz, Joseph E.
Institutions: National Bureau of Economic Research (NBER)
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application/pdf
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Type of publication: Book / Working Paper
Notes:
EFG LS 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. Number 2093
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Persistent link: https://www.econbiz.de/10005830712
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