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EnglishThe creation and destruction margins of employment (job flows) can be used to measure the employment effects of disruptions to firm credit. Using a firm dynamics model, we establish that a tightening of credit to firms reduces employment primarily by reducing gross job creation, exhibiting stronger effects at new, young, and middle-sized firms. The firm credit channel accounts for, at most, 18%, of the decline in US employment in the Great Recession. Using MSA-level job flows data, we show that the job flows response to identified credit shocks is consistent with our model's predictions.
| Titolo: | Financial shocks, firm credit and the Great Recession | |
| Data di pubblicazione: | 2021 | |
| Data di prima pubblicazione online: | 2020 | |
| Autori: | SERGEYEV, DMYTRO (Corresponding) | |
| Autori: | Mehrotra, Neil; Sergeyev, Dmytro | |
| Rivista: | JOURNAL OF MONETARY ECONOMICS | |
| Abstract: | The creation and destruction margins of employment (job flows) can be used to measure the employment effects of disruptions to firm credit. Using a firm dynamics model, we establish that a tightening of credit to firms reduces employment primarily by reducing gross job creation, exhibiting stronger effects at new, young, and middle-sized firms. The firm credit channel accounts for, at most, 18%, of the decline in US employment in the Great Recession. Using MSA-level job flows data, we show that the job flows response to identified credit shocks is consistent with our model's predictions. | |
| Digital Object Identifier (DOI): | http://dx.doi.org/10.1016/j.jmoneco.2020.01.008 | |
| Appare nelle tipologie: | 01 - Article in academic journal / Articolo su rivista scientifica |
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