G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w25325
来源IDWorking Paper 25325
Firm Leverage and Regional Business Cycles
Xavier Giroud; Holger M. Mueller
发表日期2018-12-10
出版年2018
语种英语
摘要This paper shows that buildups in firm leverage predict subsequent declines in aggregate regional employment. Using confidential establishment-level data from the U.S. Census Bureau, we exploit regional heterogeneity in leverage buildups by large U.S. publicly listed firms, which are widely spread across U.S. regions. For a given region, our results show that increases in firms’ borrowing are associated with “boom-bust” cycles: employment grows in the short run but declines in the medium run. Across regions, our results imply that regions with larger buildups in firm leverage exhibit stronger short-run growth, but also stronger medium-run declines, in aggregate regional employment. We obtain similar results if we condition on national recessions–regions with larger buildups in firm leverage prior to a recession experience larger employment losses during the recession. When comparing regional firm and household leverage growth, we find qualitatively similar patterns for both. Finally, we find that regions whose firm leverage growth comoves more strongly also exhibit stronger comovement in their regional business cycles.
主题Macroeconomics ; Consumption and Investment ; Business Cycles ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w25325
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/582998
推荐引用方式
GB/T 7714
Xavier Giroud,Holger M. Mueller. Firm Leverage and Regional Business Cycles. 2018.
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
w25325.pdf(479KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Xavier Giroud]的文章
[Holger M. Mueller]的文章
百度学术
百度学术中相似的文章
[Xavier Giroud]的文章
[Holger M. Mueller]的文章
必应学术
必应学术中相似的文章
[Xavier Giroud]的文章
[Holger M. Mueller]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w25325.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。