We propose new evidence on the causal links between bank lending and job losses. We analyze the interplay between limited pledgeability and labor market imperfections. We show that firms hold liquid assets precautionary to protect its workers and hence its search capital. We show that if labor market frictions disappear, so does the motive for firms to hold liquid assets.
Financial constraints in search equilibrium: Mortensen and Pissarides meet Holmstrom and Tirole
BOERI, TITO MICHELE;GARIBALDI, PIETRO;
2018
Abstract
We propose new evidence on the causal links between bank lending and job losses. We analyze the interplay between limited pledgeability and labor market imperfections. We show that firms hold liquid assets precautionary to protect its workers and hence its search capital. We show that if labor market frictions disappear, so does the motive for firms to hold liquid assets.
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