Investor Sentiment and Employment
构建包含道德风险和噪声交易者的多国模型，发现美国投资者情绪通过溢出效应和对外直接投资正向影响全球劳动力市场，但也会放大本地金融危机对就业的负面冲击。
We develop a multi-country model with moral hazard and noise traders and show that investor sentiment should affect employment growth both domestically and abroad. Using a large sample of international industry-level data, we find strong support for the model’s predictions. We show that U.S. investor sentiment has a positive association with labor market conditions around the world, due to spillover effects as well as foreign direct investments from the United States. We also find that U.S. sentiment amplifies the negative effect of local financial crises on job losses, which supports the idea that financial development has a “dark side.”