‘Decent work’. The very phrase conjures up a range of images and interpretations. But what does it mean for practitioners? What does it mean for academics? Much has been spoken, and even more has been written, but there is still little consensus as to how these questions can be answered....

Labor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections, driven by microeconomic frictions and impacted upon by macroeconomic factors such as monetary policy, could also be to blame. This paper shows that labor and credit market...