| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22614 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w22614 |
| 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/580287 |
| 推荐引用方式 GB/T 7714 | Patrick Kehoe,Elena Pastorino,Virgiliu Midrigan. Debt Constraints and Employment. 2016. |
| 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 | ||
| w22614.pdf（586KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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