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|z 9781513557311
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|a 1018-5941
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|a Biljanovska, Nina.
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|a Financial Amplification of Labor Supply Shocks /
|c Nina Biljanovska, Alexandros Vardoulakis.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2020.
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|a 1 online resource (34 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We study how financial frictions amplify labor supply shocks in a macroeconomic model with occasionally binding financing constraints. Workers supply labor to entrepreneurs who borrow to purchase factors of production. Borrowing capacity is restricted by the value of capital, generating a pecuniary externality when financing constraints bind. Additionally, there is a distributive externality operating through wages. The planner's allocation can be decentralized with two instruments: a credit tax/subsidy and a labor tax/subsidy. Labor shocks, such as the COVID-19 shock, amplify the policy responses, which critically depend on whether financing constraints bind or not.
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|a Mode of access: Internet
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|a Vardoulakis, Alexandros.
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|a IMF Working Papers; Working Paper ;
|v No. 2020/189
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2020/189/001.2020.issue-189-en.xml
|z IMF e-Library
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