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| Tekijä: | Betts, C. Bhattacharya, J. |
| Otsikko: | Unemployment, credit rationing, and capital accumulation: a tale of two frictions |
| Lehti: | Economic Theory
1998 : VOL. 12:3, p. 489-518 |
| Asiasana: | ECONOMIC THEORY UNEMPLOYMENT CREDIT RATIONING |
| Kieli: | eng |
| Tiivistelmä: | This paper develops a model in which two information frictions are embedded into an otherwise conventional neoclassical growth model; and adverse selection problem in the labor market and a costly state verification problem in the credit market. The former allows equilibrium unemployment to arise endogenously while the latter is responsible for equilibrium credit rationing. This structure is used to investigate a theoretical link between the level of unemployment and the extent of credit rationing. |
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