全球智库信息集成服务系统(G2TT): DP9218 The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP9218
	DP9218 The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries
	Guillermo Calvo; Fabrizio Coricelli; Pablo Ottonello
发表日期	2012-11-18
出版年	2012
语种	英语
摘要	This paper offers empirical evidence showing that, relative to "normal" recessions, financial crises hit the labor market by either enhancing the degree of joblessness and/or by further depressing the real wage ? a situation that the paper labels "wageless recovery." This holds for a sample of both advanced and emerging-market economies recession episodes, using credit market data prior to the recession episode as instrumental variable for financial crises. Results also indicate that inflation determines the type of recovery: low inflation is associated with jobless recovery, while high inflation is associated with wageless recovery. The paper shows that these outcomes are consistent with a simple model in which collateral requirements are higher (lower), the larger is the share of labor costs (physical capital expenditure) involved in a loan contract. This is motivated by the conjecture that if a loan becomes delinquent, physical capital is easier to confiscate than human capital. Evidence from advanced economies supports the model. An implication of these findings is that a spike of inflation during financial crisis may help to reduce jobless recoveries, but at the expense of sharply lower real wages. Only relaxing credit constraint might help both unemployment and wages.
主题	International Macroeconomics
关键词	Financial crises Jobless recovery Wageless recovery
URL	https://cepr.org/publications/dp9218
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/538052
推荐引用方式 GB/T 7714	Guillermo Calvo,Fabrizio Coricelli,Pablo Ottonello. DP9218 The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries. 2012.