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Displacement and Debt: The Role of Debt in Returning to Work in the Period Following the Great Recession

Listed author(s):
  • Bednarzik, Robert W.

    ()

    (Georgetown University)

  • Kern, Andreas

    ()

    (Georgetown University)

  • Hisnanick, John J.

    ()

    (U.S. Census Bureau)

The onset of the housing and subsequent financial crisis in 2008 marked the steepest economic downturn in the United. States, since the Great Depression in the late 1920s and 1930s. This most recent financial crisis has been characterized by massive layoffs and displacement. Given the depth of the recent 'great' recession and its links to the finance and housing industries, both economists and policy analysts have speculated that the sticky jobless situation for many would-be workers is also related to their level of individual and/ or household debt. In contrast to a growing literature that links financial market conditions on employers' hiring capabilities, we focus on the question how household indebtedness renders households' incentives to search for and take up a new job after displacement? Using information on households' labor market and financial behavior from the Survey

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 10764.

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Length: 37 pages
Date of creation: May 2017
Handle: RePEc:iza:izadps:dp10764
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  1. Rasmus Lentz & Torben Tranas, 2005. "Job Search and Savings: Wealth Effects and Duration Dependence," Journal of Labor Economics, University of Chicago Press, vol. 23(3), pages 467-490, July.
  2. Kyle Herkenhoff, 2014. "The Impact of Consumer Credit Access on Unemployment," 2014 Meeting Papers 448, Society for Economic Dynamics.
  3. Devine, Theresa J. & Kiefer, Nicolas M., 1991. "Empirical Labor Economics: The Search Approach," OUP Catalogue, Oxford University Press, number 9780195059366.
  4. Fredrik Andersson & John Haltiwanger & Mark Kutzbach & Henry Pollakowski & Daniel Weinberg, 2011. "Job Displacement And The Duration Of Joblessness: The Role Of Spatial Mismatch," Working Papers 11-30r, Center for Economic Studies, U.S. Census Bureau, revised Apr 2014.
  5. Han, Aaron & Hausman, Jerry A, 1990. "Flexible Parametric Estimation of Duration and Competing Risk Models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 5(1), pages 1-28, January-M.
  6. Kyle F. Herkenhoff, 2012. "Informal unemployment insurance and labor market dynamics," Working Papers 2012-057, Federal Reserve Bank of St. Louis.
  7. Matthew D. Shapiro & Joel Slemrod, 2009. "Did the 2008 Tax Rebates Stimulate Spending?," American Economic Review, American Economic Association, vol. 99(2), pages 374-379, May.
  8. Jaap H. Abbring & Gerard J. van den Berg, 2003. "The Nonparametric Identification of Treatment Effects in Duration Models," Econometrica, Econometric Society, vol. 71(5), pages 1491-1517, 09.
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