The Macroeconomics of Labor and Credit Market Imperfections
在一般均衡框架中引入信贷和劳动力市场的搜索摩擦，发现信贷摩擦通过金融加速器放大宏观经济波动，加速器大小与信贷缺口成正比。适合关注市场摩擦与宏观经济波动的学者。
Credit market imperfections influence the labor market and aggregate economic activity. In turn, macroeconomic factors have an impact on the credit sector. To assess these effects in a tractable general-equilibrium framework, we introduce endogenous search frictions, in the spirit of Peter Diamond (1990), in both credit and labor markets. We demonstrate that credit frictions amplify macroeconomic volatility through a financial accelerator. The magnitude of this general-equilibrium accelerator is proportional to the credit gap, defined as the deviation of actual output from its perfect credit market level. We explore various extensions, notably endogenous wages.