| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21076 |
| 来源ID | Working Paper 21076 |
| Firm Leverage and Unemployment during the Great Recession | |
| Xavier Giroud; Holger M. Mueller | |
| 发表日期 | 2015-04-13 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We argue that firms’ balance sheets were instrumental in the propagation of shocks during the Great Recession. Using establishment-level data, we show that firms that tightened their debt capacity in the run-up to the Great Recession (“highleverage firms”) exhibit a significantly larger decline in employment in response to household demand shocks than firms that freed up debt capacity (“low-leverage firms”). In fact, all of the job losses associated with falling house prices during the Great Recession are concentrated among establishments of high-leverage firms. At the county level, we show that counties with a larger fraction of establishments belonging to high-leverage firms exhibit a significantly larger decline in employment in response to household demand shocks. Thus, firms’ balance sheets also matter for aggregate employment. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w21076 |
| 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/578751 |
| 推荐引用方式 GB/T 7714 | Xavier Giroud,Holger M. Mueller. Firm Leverage and Unemployment during the Great Recession. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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