Imperfect Information, Credit Markets and Unemployment
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NBER Working Paper No. 2093 (Also Reprint No. r0978)
Issued in 1988
NBER Program(s): EFG LS
This paper describes how imperfect information in both capital and labor markets can, in a context of maximizing firms and perfectly flexible prices and wages, give rise to cyclical variations in unemployment whose character closely resembles that of observed business cycles.
Published: Greenwald, Bruce C. and Joseph E. Stiglitz. "Imperfect Information, Credit Markets and Unemployment," European Economic Review, Vol. 31, 1987, pp. 444-45 6.
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