Anatomy of a Credit Crunch : From Capital to Labor Markets
Why are financial crises associated with a sustained rise in unemployment? We develop a tractable model with frictions in both credit and labor markets to study the aggregate and micro-level implications of a credit crunch—i.e., a sudden tightening of collateral constraints. When we simulate a credi...
| Main Authors: | , , |
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| Format: | Journal Article |
| Language: | en_US |
| Published: |
Elsevier
2014
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10986/20724 |