- Abstract:
- This paper investigates the effect of financial shocks using a general equilibrium model that links the firm's flows of financing with labor market variables. The results show that financial shocks have sizeable effects on debt, dividend payout, and wages. Shocks to the job destruction rate are important in explaining fluctuations in unemployment. The analysis also investigates the underlying driving forces of some key comovements in the data and finds shocks to the job destructions rate important.
- Publication status:
- Published
- Peer review status:
- Peer reviewed
- Version:
- Accepted Manuscript
- Files:
-
-
(pdf, 331.2KB)
-
- Publisher copy:
- 10.1017/S1365100517000190
-
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- Publisher:
- Cambridge University Press Publisher's website
- Journal:
- Macroeconomic Dynamics Journal website
- Volume:
- 23
- Issue:
- 3
- Pages:
- 1137-1165
- Publication date:
- 2017-07-17
- Acceptance date:
- 2017-01-23
- DOI:
- EISSN:
-
1469-8056
- ISSN:
-
1365-1005
- Pubs id:
-
pubs:694247
- URN:
-
uri:3121528e-ab8a-4d4b-a097-f7ce5cb8b6d2
- UUID:
-
uuid:3121528e-ab8a-4d4b-a097-f7ce5cb8b6d2
- Local pid:
- pubs:694247
- Copyright holder:
- Cambridge University Press
- Copyright date:
- 2017
- Notes:
- Copyright © Cambridge University Press 2017. This is the accepted manuscript version of the article. The final version is available online from Cambridge University Press at: 10.1017/S1365100517000190
Journal article
Financial shocks, job destruction shocks, and labor market fluctuations
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