| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19997 |
| 来源ID | Working Paper 19997 |
| Anatomy of a Credit Crunch: From Capital to Labor Markets | |
| Francisco J. Buera; Roberto Fattal-Jaef; Yongseok Shin | |
| 发表日期 | 2014-03-20 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Why are financial crises associated with a sustained rise in unemployment? We develop a tractable model with frictions in both credit and labor markets to study the aggregate and micro-level implications of a credit crunch--i.e., a tightening of collateral constraints. When we simulate a credit crunch calibrated to match the observed decline in the ratio of debt to non-financial assets of the United States business sector following the 2007-8 crisis, our model generates a sharp decline in output--explained by a drop in aggregate total factor productivity and investment--and a protracted increase in unemployment. We then explore the micro-level impact by tracking the employment dynamics for firms of different sizes and ages. The credit crunch causes a much larger reduction in the net employment growth rate of small, young establishments relative to that of large, old producers, consistent with the recent empirical findings in the literature. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w19997 |
| 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/577671 |
| 推荐引用方式 GB/T 7714 | Francisco J. Buera,Roberto Fattal-Jaef,Yongseok Shin. Anatomy of a Credit Crunch: From Capital to Labor Markets. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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