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Kreditrationierung, Arbeitslosigkeit und Konjunkturfluktuationen
Credit and Capital Markets – Kredit und Kapital, Vol. 33 (2000), Iss. 4 : pp. 521–547
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Lutz Arnold, Dortmund
References
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Abstract
Credit Rationing, Unemployment and Business Fluctuations
Greenwald and Stiglitz propose viewing business cycles as caused by the interplay of imperfections in the markets for capital and labor: shocks to firms’ equity affect labor demand since equity is a hedge against bankruptcy and firms are bankruptcy-averse; because of labor market imperfections, fluctuations in labor demand translate into fluctuations in unemployment and production. In the present paper the assumption that firms are bankruptcy-averse is replaced with the more appealing assumption that banks are bankruptcy-averse and ration credit to firms. It turns out that, in the specific framework considered with aggregate disturbances only, the two alternative assumptions are equivalent: equilibrium quantities and prices are the same under either specification. (An English version of this paper is available from the author upon request.)