The Labor Market Effects of Loan Guarantee Programs
研究法国金融危机期间面向中小企业的贷款担保计划对劳动力市场的影响，发现该计划虽促进就业和收入，但阻碍了工人向高生产率企业流动，降低了整体生产率。
Abstract We investigate the labor market effects of a loan guarantee program targeting French SMEs during the financial crisis. Exploiting differences in regional treatment intensity in a border discontinuity design, we uncover a central trade-off for such interventions. While the program has a positive impact on workers’ employment and earnings trajectories that translates into positive aggregate employment effects, it dampens the worker reallocation toward more productive firms that happens following recessions, and particularly so for high-skill workers. This labor allocation effect is economically significant and translates into a reduction in aggregate productivity.