Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
研究金融危机期间住房财富下降如何影响创新工人的生产率，发现财富冲击导致工人产出降低，且财务困境风险高的工人受影响更大。
ABSTRACT We investigate how the deterioration of household balance sheets affects worker productivity, and in turn economic downturns. Specifically, we compare the output of innovative workers who experienced differential declines in housing wealth during the financial crisis but were employed at the same firm and lived in the same metropolitan area. We find that, following a negative wealth shock, innovative workers become less productive and generate lower economic value for their firms. The reduction in innovative output is not driven by workers switching to less innovative firms or positions. These effects are more pronounced among workers at greater risk of financial distress.