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Banks, Firms, and Jobs

Berton, Fabio and Mocetti, Sauro and Presbitero, Andrea F and Richiardi, Matteo (2018) 'Banks, Firms, and Jobs.' The Review of Financial Studies, 31 (6). 2113 - 2156. ISSN 0893-9454

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Abstract

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.

Item Type: Article
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Institute for Social and Economic Research
Depositing User: Elements
Date Deposited: 11 Dec 2018 15:54
Last Modified: 11 Dec 2018 16:15
URI: http://repository.essex.ac.uk/id/eprint/23575

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