Labour market institutions, liquidity constraints, and macroeconomic stability
通过理论模型和跨国数据检验，发现劳动力收入对产出波动的敏感度越低，产出波动本身就越小，这对理解不同国家经济稳定性差异有帮助。
The sensitivity of employment and real wages — hence aggregate labour income — to short-run fluctuations in output varies across countries. We develop a simple theoretical model to show that, if workers, but not capitalists, are liquidity constrained, the sensitivity of an economy to exogenous expenditure shocks is inversely related to the extent to which capitalists, rather than workers, bear fluctuations in income. We perform an econometric test of this proposition using cross-sectional, country-level data. The empirical results support the view that the lower the sensitivity of labour income to output fluctuations, the smaller the output fluctuations themselves will be.