| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10309 |
| DP10309 Corporate Cash and Employment | |
| Philippe Bacchetta; Céline Poilly; Kenza Benhima | |
| 发表日期 | 2014-12-21 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | In the aftermath of the U.S. financial crisis, both a sharp drop in employment and a surge in corporate cash have been observed. In this paper, based on U.S. data, we document that the negative relationship between the corporate cash ratio and employment is systematic, both over time and across firms. We develop a dynamic general equilibrium model where heterogenous firms need cash in their production process and where financial shocks are made of both credit and liquidity shocks. We show that external liquidity shocks generate a negative comovement between the cash ratio and employment. We analyze the dynamic impact of aggregate shocks and the cross-firm impact of idiosyncratic shocks. With a calibrated version of the model, the model yields a negative comovement that is close to the data. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Financial shocks Liquidity Working capital |
| URL | https://cepr.org/publications/dp10309 |
| 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/539141 |
| 推荐引用方式 GB/T 7714 | Philippe Bacchetta,Céline Poilly,Kenza Benhima. DP10309 Corporate Cash and Employment. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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