| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13355
|
| DP13355 Firm Leverage and Regional Business Cycles |
| Xavier Giroud; Holger Mueller
|
| 发表日期 | 2018-12-03
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | This paper shows that buildups in firm leverage predict subsequent declines in aggregate regional employment. Using confidential establishment-level data from the U.S. Census Bureau, we exploit regional heterogeneity in leverage buildups by large U.S. publicly listed firms, which are widely spread across U.S. regions. For a given region, our results show that increases in firms' borrowing are associated with "boom-bust" cycles: employment grows in the short run but declines in the medium run. Across regions, our results imply that regions with larger buildups in firm leverage exhibit stronger short-run growth, but also stronger medium-run declines, in aggregate regional employment. We obtain similar results if we condition on national recessions-regions with larger buildups in firm leverage prior to a recession experience larger employment losses during the recession. When comparing regional firm and household leverage growth, we find qualitatively similar patterns for both. Finally, we find that regions whose firm leverage growth comoves more strongly also exhibit stronger comovement in their regional business cycles. |
| 主题 | Financial Economics
|
| 关键词 | Firm leverage
Business cycles
|
| URL | https://cepr.org/publications/dp13355
|
| 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/542166
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推荐引用方式
GB/T 7714 |
Xavier Giroud,Holger Mueller. DP13355 Firm Leverage and Regional Business Cycles. 2018.
|
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