G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11677
DP11677 Financial Shocks and Job Flows
Dmitriy Sergeyev; Neil Mehrotra
发表日期2016-12-01
出版年2016
语种英语
摘要We argue that the creation and destruction margins of employment (job flows) at the aggregate level and disaggregated across firm age and size can be used to measure the employment effects of disruptions to firm credit. Using a firm dynamics model, we establish that a tightening of credit to firms reduces employment primarily by reducing gross job creation, exhibiting stronger effects at new/young firms and middle-sized firms (20-99 employees). We find that 18% of the decline in US employment during the Great Recession is due to the firm credit channel. Using MSA-level job flows data, we show that the behavior of job flows overall and across firm size and age categories in response to identified credit shocks is consistent with our model’s predictions and hold within tradable and non-tradable industries.
主题Monetary Economics and Fluctuations
关键词Job flows Financial frictions
URLhttps://cepr.org/publications/dp11677
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/540491
推荐引用方式
GB/T 7714
Dmitriy Sergeyev,Neil Mehrotra. DP11677 Financial Shocks and Job Flows. 2016.
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