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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP11677 |
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 |
URL | https://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. |
条目包含的文件 | 条目无相关文件。 |
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