Labor Market Institutions, Liquidity Constraints, and Macroeconomic Stability
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The sensitivity of employment and real wages -- hence aggregate labor income to short-run fluctuations in output varies across countries. We develop a simple theoretical model to show that, if workers, but not capitalists, are liquidity constrained, the sensitivity of an economy to exogenous
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美国国家经济研究局创建时间：
1991-12-01
