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来源类型Working Paper
规范类型报告
DOI10.3386/w17389
来源IDWorking 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
URLhttps://www.nber.org/papers/w17389
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/575063
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GB/T 7714
Tommaso Monacelli,Vincenzo Quadrini,Antonella Trigari. Financial Markets and Unemployment. 2011.
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