| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23216 |
| 来源ID | Working Paper 23216 |
| Financial Frictions and Employment during the Great Depression | |
| Efraim Benmelech; Carola Frydman; Dimitris Papanikolaou | |
| 发表日期 | 2017-03-06 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We provide new evidence that a disruption in credit supply played a quantitatively significant role in the unprecedented contraction of employment during the Great Depression. To analyze the role of financing frictions in firms' employment decisions, we use a novel, hand-collected dataset of large industrial firms. Our identification strategy exploits preexisting variation in the need to raise external funds at a time when public bond markets essentially froze. Local bank failures inhibited firms' ability to substitute public debt for private debt, which exacerbated financial constraints. We estimate a large and negative causal effect of financing frictions on firm employment. Interpreting the estimated elasticities through the lens of a simple structural model, we find that the lack of access to credit may have accounted for 10% to 33% of the aggregate decline in employment of large firms between 1928 and 1933. |
| 主题 | Macroeconomics ; Consumption and Investment ; Monetary Policy ; Financial Economics ; Financial Institutions ; Corporate Finance ; Labor Economics ; Unemployment and Immigration ; History ; Other History |
| URL | https://www.nber.org/papers/w23216 |
| 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/580889 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Carola Frydman,Dimitris Papanikolaou. Financial Frictions and Employment during the Great Depression. 2017. |
| 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 | ||
| w23216.pdf（501KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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