Journal Article

Banks, Firms, and Jobs

Fabio Berton, Sauro Mocetti, Andrea F. Presbitero and Matteo Richiardi

in The Review of Financial Studies

Published on behalf of Society for Financial Studies

Volume 31, issue 6, pages 2113-2156
Published in print June 2018 | ISSN: 0893-9454
Published online January 2018 | e-ISSN: 1465-7368 | DOI: https://dx.doi.org/10.1093/rfs/hhy003
Banks, Firms, and Jobs

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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 [math]. 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.

Received January 27, 2017; editorial decision December 1, 2017 by Editor Philip Strahan. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Journal Article.  20465 words.  Illustrated.

Subjects: Economics ; Banking ; Demand and Supply of Labour ; Mobility, Unemployment, and Vacancies

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