English, Article, Journal or magazine article edition: Capital Market Frictions and the Business Cycle Giulio, NICOLETTI; Olivier, PIERRARD

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Capital Market Frictions and the Business Cycle
Author
  • Giulio, NICOLETTI
  • Olivier, PIERRARD
Physical Description
  • preprint
Notes
  • 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 DellÕAriccia and Garibaldi (2005) : we find that the financial accelerator as well as real wage rigidities help in improving the statistical propqerties of the model
  • RePEc:ctl:louvec:2006053
Language
  • English
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