| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10539 |
| DP10539 Firm Leverage and Unemployment during the Great Recession | |
| Holger Mueller; Xavier Giroud | |
| 发表日期 | 2015-04-12 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We argue that firms? balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity in the run-up (?high-leverage firms?) exhibit a significantly larger decline in employment in response to household demand shocks than firms that freed up debt capacity (?low-leverage firms?). In fact, all of the job losses associated with falling house prices during the Great Recession are concentrated among establishments of high-leverage firms. At the county level, we find that counties with a larger fraction of establishments belonging to high-leverage firms exhibit a significantly larger decline in employment in response to household demand shocks. Thus, firms? balance sheets also matter for aggregate employment. |
| 主题 | Financial Economics ; International Macroeconomics ; Labour Economics |
| 关键词 | Financial accelerator Firm balance sheet channel Leverage Unemployment |
| URL | https://cepr.org/publications/dp10539 |
| 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/539371 |
| 推荐引用方式 GB/T 7714 | Holger Mueller,Xavier Giroud. DP10539 Firm Leverage and Unemployment during the Great Recession. 2015. |
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