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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)

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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File URL: http://www.econ.ku.dk/english/research/publications/wp/2002/0210.pdf/
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Bibliographic 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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Related research

Keywords: employment volatility; investment; Q theory;

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