Banks, Firms, and Jobs

• 成果类型: Article
• 署名作者: Berton, Fabio; Mocetti, Sauro; Presbitero, Andrea F.; Richiardi, Matteo
• 署名单位: University of Turin; Collegio Carlo Alberto; European Central Bank; Bank of Italy; International Monetary Fund; University of Oxford; University of Oxford; Collegio Carlo Alberto
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy003
• 发表日期: 2018
• 页码: 2113
• 关键词: credit crunch; EMPLOYMENT; reallocation; shocks

摘要

We analyze the heterogeneous employment effects of financial shocks using a rich data set of job contracts, matched with the universe of firms and their lending banks in one Italian region. To isolate the effect of the financial shock, we construct a firm-specific time-varying measure of credit supply. The preferred estimate indicates that the average elasticity of employment to a credit supply shock is 0.36. Adjustment affects both the extensive and the intensive margins and is concentrated among workers with temporary contracts. We also examine the heterogeneous effects of the credit crunch by education, age, gender and nationality.