Financial markets and unemployment

"We study the importance of financial markets for (un)employment fluctuations in a model with searching and matching frictions where firms issue debt under limited enforcement. Higher debt allows employers to bargain lower wages which in turn increases the incentive to create jobs. The transm...

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Bibliographische Detailangaben
1. Verfasser: Monacelli, Tommaso (VerfasserIn)
Weitere Verfasser: Quadrini, Vincenzo (VerfasserIn), Trigari, Antonella (VerfasserIn)
Format: UnknownFormat
Sprache:eng
Veröffentlicht: Cambridge, Mass. 2011
Schriftenreihe:NBER working paper series 17389
Schlagworte:
Unternehmensfinanzierung > Kredit > Liquiditätsbeschränkung > Finanzmarkt > Arbeitsnachfrage > Arbeitslosigkeit > Tarifverhandlungen > VAR-Modell > Arbeitspapier > Graue Literatur
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Beschreibung
Zusammenfassung:"We study the importance of financial markets for (un)employment fluctuations in a model with searching and matching frictions where firms issue debt under limited enforcement. Higher debt allows employers to bargain lower wages which in turn increases the incentive to create jobs. The transmission mechanism of 'credit shocks' is fundamentally different from the typical credit channel and the model can explain why firms cut hiring after a credit contraction even if they have not shortage of funds for hiring workers. The theoretical predictions are consistent with the estimation of a structural VAR whose identifying restrictions are derived from the theoretical model"--National Bureau of Economic Research web site
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Beschreibung:33 S.