Debt Constraints and the Labor Wedge
研究了美国大衰退期间各地区家庭债务下降与就业下降的高度相关性，发现就业下降主要由劳动楔子（偏离静态消费-闲暇选择）的变化而非实际工资变化解释，并论证该模式与标准Bewley-Aiyagari模型中的债务约束波动一致。
Changes in household debt and employment across regions of the U.S. during the Great Recession are highly correlated: regions where the decrease in household debt was most pronounced were also regions where the decline in employment was most severe. We show that the drop in employment in the regions that have experienced the largest decrease in household debt is mostly accounted for by changes in the labor wedge (deviations from a static consumption-leisure choice) as opposed to changes in real wages. We argue that such a pattern is consistent with fluctuations in debt constrain01/2ts in a standard Bewley-Aiyagari model.