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Author: Efraim Benmelech ；Nittai K. Bergman ；Amit Seru
ABSTRACT：Financial market imperfections can have significant impact on employment decisions of firms. We illustrate the economic importance of this channel by demonstrating that the responsiveness of employment decisions to firms’ financial health is quantitatively similar to the much-studied responsiveness of investment decisions to cash-flows. We use a collage of three ‘quasi-experiments’ used previously in the investment-cash flow and finance-growth literatures to trace the effects of finance on employment. Our results suggest that financial constraints and the availability of credit play an important role in firm-level employment decisions, as well as aggregate unemployment outcomes Efraim Benmelech Harvard University Department of Economics Littauer 233 Cambridge, MA 02138 and NBER effi_benmelech@harvard.edu Amit Seru Booth School of Business University of Chicago 5807 South Woodlawn Avenue Chicago, IL 60637 and NBER amit.seru@chicagobooth.edu Nittai K. Bergman MIT Sloan School of Management 100 Main Street, E62-632 Cambridge, MA 02142 and NBER nbergman@mit.edu Download: |
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