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Capital Market Frictions and the Business Cycle Author info | Abstract | Publisher info | Download info | Related research | Statistics Giulio, NICOLETTI
Olivier, PIERRARD
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We augment a RBC model with capital and labor market frictions. We follow the approach of Wasmer and Weil (2004) which model market imperfections as search processes : firms must sequentially find a match with a bank first and then with a worker in order to start production. We show that the interactions between labor and capital market frictions may generate a financial accelerator or decelerator, depending on a parameter condition. We compare our model with US National Accounts data and with the empirical findings of Dell’Ariccia and Garibaldi (2005) : we find that the financial accelerator as well as real wage rigidities help in improving the statistical propqerties of the model
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Paper provided by Université catholique de Louvain, Département des Sciences Economiques in its series Université catholique de Louvain, Département des Sciences Economiques Working Paper with number
2006053.
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Date of creation: 15 Nov 2006Date of revision:
Handle: RePEc:ctl:louvec:2006053Contact details of provider: Postal: Place Montesquieu 3, 1348 Louvain-la-Neuve (Belgium) Fax: +32 10473945 Email: Web page: http://www.uclouvain.be/econ More information through EDIRC
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