Stress tests, labor demand, and the dynamic adjustment of private firms
研究发现《多德-弗兰克法案》压力测试使私营企业从受测银行获得的贷款条件恶化，职位发布减少16%，尤其针对低学历工人，但企业转向小型金融机构后贷款规模回升，缓解了长期影响。
We show that the Dodd-Frank Act stress tests worsened bank loan terms and reduced vacancy postings by 16% among private firms with prior relationships with stress-tested banks. The decline is concentrated in postings for less-educated workers, indicating a contraction in hiring along this margin. These effects are temporary. Firms respond to tighter credit by shifting toward smaller financial institutions. This adjustment increases loan sizes from both new and existing lenders, which mitigates the impact of stress tests on labor demand over time.