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Financial Market Imperfections, Labour Market Imperfections, and Business Cycles

Arnold, Lutz G. (2002) Financial Market Imperfections, Labour Market Imperfections, and Business Cycles. The Scandinavian Journal Of Economics 104 (1), pp. 105-124.

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A Greenwald–Stiglitz (1993a) style rational expectations business cycle model is introduced in which uncorrelated productivity shocks or monetary shocks generate autocorrelated employment fluctuations due to financial constraints. The propagation mechanism is carefully modelled: because of capital market imperfections (only standard debt contracts are traded), firms' labour demand changes in ...


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Item type:Article
Institutions:Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Theoretische Volkswirtschaft (Prof. Dr. Lutz Arnold)
Interdisciplinary Subject Network:Immobilien- und Kapitalmärkte
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Keywords:Finance constraints • business fluctuations • unemployment • debt deflation
Dewey Decimal Classification:300 Social sciences > 330 Economics
Refereed:Yes, this version has been refereed
Created at the University of Regensburg:Unknown
Item ID:15556
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