دانلود مقاله ISI انگلیسی شماره 101795
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
101795 2018 18 صفحه PDF سفارش دهید 18025 کلمه
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عنوان انگلیسی
Disentangling goods, labor, and credit market frictions in three European economies
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Labour Economics, Volume 50, March 2018, Pages 180-196

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چکیده انگلیسی

We build a flexible model with search frictions in three markets: credit, labor, and goods markets. We then apply this model (called CLG) to three different economies: a flexible, finance-driven economy (the UK), an economy with wage moderation (Germany), and an economy with structural rigidities (Spain). In these three countries, goods and credit market frictions play a dominant role in entry costs and account for 75% to 85% of the total entry costs. In the goods market, adverse supply shocks are amplified through their propagation to the demand side, as they also imply income losses for consumers. This adds up to, at most, an additional 15% to 25% to the impact of the shocks. Finally, the speed of matching in the goods market and the credit market accounts for a small fraction of unemployment: most variation in unemployment comes from the speed of matching in the labor market.

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