Bhattacharya, J.; Chankraborty, S. - Tilburg University, Center for Economic Research - 2003
rate.The labor market friction, on the other hand, a.ects unemployment in the short- and long-run but has only a short …Numerous researchers have incorporated labor or credit market frictions within simple neoclassical models to (i … generations model with production in which a labor market friction (moral hazard) coexists along with a credit market friction …