Financial markets and unemployment

被引：6

作者：

Monacelli, Tommaso ^{[1
]}

Quadrini, Vincenzo ^{[2
]}

Trigari, Antonella ^{[1
]}

机构：

[1] Univ Bocconi, Milan, Italy

[2] Univ Southern Calif, Los Angeles, CA 90007 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2023年 / 147卷 / 03期

基金：

欧洲研究理事会;

关键词：

Debt; Wage bargaining; Unemployment; CAPITAL STRUCTURE; CREDIT; SEARCH; LABOR; MODEL; DEBT;

D O I：

10.1016/j.jfineco.2023.01.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the importance of financial markets for (un)employment fluctuations in a model with matching frictions where firms borrow under limited enforcement. Borrowing affects employment through a 'debt bargaining channel': higher debt improves the bargaining po-sition of employers with workers and increases the incentive to hire. We estimate the model structurally and find that the debt bargaining channel accounts for 26 percent of unemployment fluctuations. We find empirical support for the channel at the micro level using firm level data from Compustat. (c) 2023 Elsevier B.V. All rights reserved.

引用

页码：596 / 626

页数：31

共 27 条

[1] Labor and Corporate Governance: International Evidence from Restructuring Decisions [J].