| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17389 |
| 来源ID | Working Paper 17389 |
| Financial Markets and Unemployment | |
| Tommaso Monacelli; Vincenzo Quadrini; Antonella Trigari | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We study the importance of financial markets for (un)employment fluctuations in a model with searching and matching frictions where firms issue debt under limited enforcement. Higher debt allows employers to bargain lower wages which in turn increases the incentive to create jobs. The transmission mechanism of 'credit shocks' is fundamentally different from the typical credit channel and the model can explain why firms cut hiring after a credit contraction even if they have not shortage of funds for hiring workers. The theoretical predictions are consistent with the estimation of a structural VAR whose identifying restrictions are derived from the theoretical model. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w17389 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575063 |
| 推荐引用方式 GB/T 7714 | Tommaso Monacelli,Vincenzo Quadrini,Antonella Trigari. Financial Markets and Unemployment. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17389.pdf（535KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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