Dromel, Nicolas L.; Kolakez, Elie; Lehmann, Etienne - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2009
In this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its persistence. For this purpose, we first develop a theoretical model based on the equilibrium matching framework of Mortensen and Pissarides (1999) and Pissarides (2000) where we...