کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7388397 | 1480809 | 2015 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Aggregate unemployment and household unsecured debt
ترجمه فارسی عنوان
بیکاری جمع و بدهی های ناخواسته خانوار
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This paper studies the relationship between the availability of unsecured credit to households and unemployment. We extend the Mortensen-Pissarides model to include a goods market with search and financial frictions. Households, who have limited commitment, face endogenous borrowing constraints when financing random consumption opportunities. We show that borrowing limits depend on the sophistication of the financial system, the frequency of liquidity shocks, and the rate of return on (partially) liquid assets that households can accumulate for self insurance. Moreover, firms' expected revenue is endogenous and depends on firms' market power in the goods market and the availability of unsecured credit to consumers. As a result of the complementarity between credit and labor markets, multiple steady states might exist. Across steady states unemployment and debt limits are negatively correlated. We calibrate the model to the US labor and credit markets and illustrate the effects of an expansion in unsecured debt similar to that seen in the US from 1978 to 2008. Under the baseline calibration, the rise in unsecured credit can account for approximately seventy percent of the decline in the long-term average unemployment rate.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 18, Issue 1, January 2015, Pages 77-100
Journal: Review of Economic Dynamics - Volume 18, Issue 1, January 2015, Pages 77-100
نویسندگان
Zachary Bethune, Guillaume Rocheteau, Peter Rupert,