Liquidity Constraints, Unemployed Job Search and Labour Market Outcomes
利用澳大利亚纵向数据，检验流动性约束对失业者求职强度及后续就业结果的影响，发现严重流动性约束虽增加求职努力，但未改善短期就业或客观工作质量，反而降低主观工作质量并增加离职倾向。
Abstract Liquidity constraints prompt the unemployed to intensify their job search, but does that produce better labour market outcomes? Using longitudinal Australian data, we test the effect of objective proxy indicators of liquidity constraints on job search and concomitant labour market outcomes. We find that liquidity constraints, specifically their severe form ‘hardship’, intensify job search without improving short‐run employment outcomes or objective job quality (if a job is secured), whereas subjective job quality outcomes are worse. Moreover, we find evidence that the quit intention is higher and the concomitant medium‐run employment stability is lower for those who found jobs facing hardship.