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来源类型Working Paper
规范类型报告
DOI10.3386/w22614
来源IDWorking Paper 22614
Debt Constraints and Employment
Patrick Kehoe; Elena Pastorino; Virgiliu Midrigan
发表日期2016-09-12
出版年2016
语种英语
摘要During the Great Recession, regions of the United States that experienced the largest declines in household debt also experienced the largest drops in consumption, employment, and wages. Employment declines were larger in the nontradable sector and for firms that were facing the worst credit conditions. Motivated by these findings, we develop a search and matching model with credit frictions that affect both consumers and firms. In the model, tighter debt constraints raise the cost of investing in new job vacancies and thus reduce worker job finding rates and employment. Two key features of our model, on-the-job human capital accumulation and consumer-side credit frictions, are critical to generating sizable drops in employment. On-the-job human capital accumulation makes the flows of benefits from posting vacancies long-lived and so greatly amplifies the sensitivity of such investments to credit frictions. Consumer-side credit frictions further magnify these effects by leading wages to fall only modestly. We show that the model reproduces well the salient cross-regional features of the U.S. data during the Great Recession.
主题Macroeconomics ; Consumption and Investment ; Business Cycles ; Labor Economics ; Labor Supply and Demand ; Unemployment and Immigration
URLhttps://www.nber.org/papers/w22614
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/580287
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GB/T 7714
Patrick Kehoe,Elena Pastorino,Virgiliu Midrigan. Debt Constraints and Employment. 2016.
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