Employment Effects of Financial Constraints during the Great Recession
利用美国全部企业的保密数据，研究发现2007-2009年衰退期间，金融约束使小企业就业增长比大企业低4-8个百分点，年轻企业比老企业低7-9个百分点，且主要通过企业进入和退出影响就业。
Abstract Employment declined substantially during the 2007–2009 recession, especially in small and young firms. Using confidential firm-level data of the universe of firms and a difference-in-differences methodology, this paper estimates that financial constraints reduced employment growth by 4 to 8 percentage points in small firms relative to large firms and by 7 to 9 percentage points in young relative to old firms. I find that the effect of financial constraints on small firms is driven to a large extent by young firms. I then document that financial constraints affected employment growth in small and young firms strongly through the entry and exit of firms.