Real effects of workers’ financial distress: Evidence from teacher spillovers
利用德克萨斯州公立学校数据，研究发现一名教师申请破产后，该年级学生通过率下降1.2个百分点，且任务复杂度越高影响越大，表明工人财务困境可能通过降低生产率对地方经济产生反馈效应。
This paper studies the effects of financial distress on workers' productivity, using detailed data from the public school system in Texas. We show that the student passing rate in the median-sized grade decreases by 1.2 percentage points following a declaration of bankruptcy by one teacher in the grade. The effect of financial distress increases with the complexity of the task. Overall, our results suggest a potential feedback effect of worker financial distress on local economic conditions and thus contribute to the understanding of the propagation, and potential amplification, of shocks through a local economy.