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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
Persistent link: https://www.econbiz.de/10012476976
of why money has real effects,and to suggest a new theory, or rather resurrect an old one--the loanable funds theory â€¦
Persistent link: https://www.econbiz.de/10012478018
This paper presents a simple, general equilibrium macroeconomic model incorporating financial constraints, both credit and equity rationing, as well as other informational imperfections in labor and product markets, such as efficiency wage effects. A formulation somewhat analogous to the...
Persistent link: https://www.econbiz.de/10012475499