Credit and Firm-Level Volatility of Employment
研究了信贷获取如何通过改善企业与工人的谈判地位来影响雇佣决策，发现谈判渠道解释了13%的企业就业波动，信贷冲击贡献了22%的就业波动。
We study a firm dynamics model where access to credit improves the bargaining position of firms with workers and increases the incentive to hire. To evaluate the importance of the bargaining channel for the hiring decisions of firms, we estimate the model structurally using data from Compustat and Capital IQ. We find that the bargaining channel explains 13% of firm-level employment volatility. We also evaluate the relative contribution of credit and revenue shocks for firm-level employment fluctuations and find that credit shocks account for 22%.