NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Imperfect Information, Credit Markets and Unemployment

Bruce C. Greenwald, Joseph E. Stiglitz

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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