Firm Leverage, Consumer Demand, and Employment Losses during the Great Recession
This article argues that firms’ balance sheets were instrumental in the transmission of consumer demand shocks during the Great Recession. Using micro-level data from the U.S. Census Bureau, we find that establishments of more highly levered firms experienced significantly larger employment losses i...
| Main Authors: | , |
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| Format: | Article |
| Language: | en_US |
| Published: |
Oxford University Press
2017
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| Online Access: | http://hdl.handle.net/1721.1/109071 https://orcid.org/0000-0002-4620-4151 |