par Weil, Philippe 
;Wasmer, Etienne
Référence The American Economic Review, 94, 4, page (944-963)
Publication Publié, 2004
;Wasmer, Etienne Référence The American Economic Review, 94, 4, page (944-963)
Publication Publié, 2004
Article révisé par les pairs
| Résumé : | Credit market imperfections influence the labor market and aggregate economic activity. In turn, macroeconomic factors have an impact on the credit sector. To assess these effects in a tractable general-equilibrium framework, we introduce endogenous search frictions, in the spirit of Peter Diamond (1990), in both credit and labor markets. We demonstrate that credit frictions amplify macroeconomic volatility through a financial accelerator. The magnitude of this general-equilibrium accelerator is proportional to the credit gap, defined as the deviation of actual output from its perfect credit market level. We explore various extensions, notably endogenous wages. |
