FINANCIAL RISK AND UNEMPLOYMENT
研究发现企业利率及其与国债的利差与失业率高度相关，通过搜索匹配模型解释了金融冲击如何影响美国劳动力市场波动，对企业有参考价值。
Abstract There is a strong correlation between corporate interest rates, their spreads relative to Treasuries, and the unemployment rate. We model how corporate interest rates affect equilibrium unemployment and vacancies, in a Diamond–Mortesen–Pissarides search and matching model. Our simple model permits the exploration of U.S. business cycle statistics through the lens of financial shocks. We calibrate the model using U.S. data without targeting business cycle statistics. Volatility in the corporate interest rate can explain a quantitatively meaningful portion of the labor market. Data on corporate firms support the hypothesis that firms facing more volatile financial conditions have more volatile employment.