Kehoe, Patrick J.
Debt constraints and employment / Patrick J. Kehoe, Virgiliu Midrigan, Elena Pastorino .-- , 2019
Disponible también en formato electrónico en la Biblioteca del IEF.
Resumen.
Bibliografía.
During the Great Recession, US regions that experienced large declines in household debt also experienced large drops in consumption, employment, and wages. We develop a search and matching model in which tighter debt constraints raise the cost of investing in new job vacancies and so reduce job-finding rates and employment. On-the-job human capital accumulation is critical to generating sizable drops in employment: it
increases the duration of the benefit flows from posting vacancies, thereby amplifying the employment drop from a credit tightening 10-fold relative to the standard model. Our model reproduces the salient cross-regional features of the US Great Recession.
RECESIONES ECONOMICAS
CRISIS FINANCIERA
SOBREENDEUDAMIENTO DE PARTICULARES
CONSUMO
REDUCCION
EMPLEO
ESTADOS UNIDOS
MODELOS ECONOMETRICOS
Midrigan, Virgiliu
Pastorino, Elena
Journal of Political Economy 0022-3808 v. 127, n. 4, August 2019, p. 1926-1991
Debt constraints and employment / Patrick J. Kehoe, Virgiliu Midrigan, Elena Pastorino .-- , 2019
Disponible también en formato electrónico en la Biblioteca del IEF.
Resumen.
Bibliografía.
During the Great Recession, US regions that experienced large declines in household debt also experienced large drops in consumption, employment, and wages. We develop a search and matching model in which tighter debt constraints raise the cost of investing in new job vacancies and so reduce job-finding rates and employment. On-the-job human capital accumulation is critical to generating sizable drops in employment: it
increases the duration of the benefit flows from posting vacancies, thereby amplifying the employment drop from a credit tightening 10-fold relative to the standard model. Our model reproduces the salient cross-regional features of the US Great Recession.
RECESIONES ECONOMICAS
CRISIS FINANCIERA
SOBREENDEUDAMIENTO DE PARTICULARES
CONSUMO
REDUCCION
EMPLEO
ESTADOS UNIDOS
MODELOS ECONOMETRICOS
Midrigan, Virgiliu
Pastorino, Elena
Journal of Political Economy 0022-3808 v. 127, n. 4, August 2019, p. 1926-1991