Effect of firm credit constraint on unemployment in a dynamic stochastic general equilibrium model

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ELAHI NASER; Negar Negar

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Journal: Journal of Economic Policy Year:2020 | Volume:11 | Issue:22 Page(s): 227-261

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Title

Effect of firm credit constraint on unemployment in a dynamic stochastic general equilibrium model

Author(s)

ELAHI NASER | Negar Negar | Issue Writer Certificate

Keywords

Credit constraintQ1

EmploymentQ2

Job capacityQ1

Financial frictionQ1

Dynamic stochastic general equilibrium model (DSGE)Q1

Abstract

The purpose of this paper is to investigate the effect of firm Credit constraint on unEmployment in a dynamic stochastic general equilibrium model within the 1996-2017 period. In this study, the Financial friction occurs through the existence of incomplete contracts in the market. In this model, the limitation of borrowing for the firm is in relation to the stock of capital, which leads to a very slow response of the labor market to productivity momentum. A characteristic of this pattern is that, in every period, Employment (or unEmployment) comes from the conditions that prevail the labor market. In each period, the number of people recruited depends on job opportunities created by businesses and the number of the unemployed. In this case, if the number of job opportunities is low or the number of the unEmployment is high, voluntary unEmployment emerges, which is more compatible with the Iranian economy. The results show that the credit impulse caused by the firm's limitation in the financing of investment in the country increases unEmployment. The results also indicate that the limitation of firm credit in the borrowing process leads to a decrease in job capacities and the probability of finding jobs in the market.

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APA: Copy

ELAHI, NASER, & Negar, Negar. (2020). Effect of firm credit constraint on unemployment in a dynamic stochastic general equilibrium model. BIQUARTERLY JOURNAL OF ECONOMIC RESEARCH, 11(22 ), 227-261. SID. https://sid.ir/paper/408612/en

Vancouver: Copy

ELAHI NASER, Negar Negar. Effect of firm credit constraint on unemployment in a dynamic stochastic general equilibrium model. BIQUARTERLY JOURNAL OF ECONOMIC RESEARCH[Internet]. 2020;11(22 ):227-261. Available from: https://sid.ir/paper/408612/en

IEEE: Copy

NASER ELAHI, and Negar Negar, “Effect of firm credit constraint on unemployment in a dynamic stochastic general equilibrium model,” BIQUARTERLY JOURNAL OF ECONOMIC RESEARCH, vol. 11, no. 22 , pp. 227–261, 2020, [Online]. Available: https://sid.ir/paper/408612/en

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