Do Financial Market Imperfections Affect the Cyclicality of Employment?

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Do Financial Market Imperfections Affect the Cyclicality of Employment?

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João Ejarque (Institute of Economics, University of Copenhagen)

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João Miguel Ejarque

Abstract

In this paper I show that the idea that firms faced with a liquidity constraint display "excess sensitivity" of employment to shocks is not correct. The employment decision is independent of the financing constraint and artificial data shows that there is no such excess sensitivity.

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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 02-10.

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Length: 15 pages
Date of creation: Oct 2002
Date of revision:
Handle: RePEc:kud:kuiedp:0210

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Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
J63 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Turnover; Vacancies; Layoffs

This paper has been announced in the following NEP Reports:

NEP-ALL-2002-10-23 (All new papers)
NEP-MFD-2002-10-23 (Microfinance)

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