The Employment Effects of Faster Payment: Evidence from the Federal Quickpay Reform
研究了美国联邦政府加速向小企业承包商付款的Quickpay改革，发现改革显著促进了受惠企业的就业增长，但在当地劳动力市场中挤出了未受惠企业的就业，总体净效应为正，但在劳动力市场紧张时接近零。
ABSTRACT We study the impact of Quickpay , a reform that permanently accelerated payments to small business contractors of the U.S. government. We find a strong direct effect of the reform on employment growth at the firm level. However, we document substantial crowding out of nontreated firms' employment within local labor markets. While the overall net employment effect is positive, it is close to zero in tight labor markets. Our results highlight an important channel for alleviating financing constraints in small firms, but emphasize the general‐equilibrium effects of large‐scale interventions, which can lead to lower aggregate outcomes depending on labor market conditions.