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BEGIN:VEVENT
UID:4bd71c5b18c3af427e9aec13d6e074c0
CATEGORIES:Seminars
CREATED:20150211T175248
SUMMARY:Dmitriy Sergeyev - Bocconi University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Financial Shocks and Job Flows</str
 ong></p><p style="text-align: justify;">Abstract:</p><p style="text-align: 
 justify;">The labor market recovery since the end of the Great Recession ha
 s been characterized by a marked decline in labor market turnover. In this 
 paper, we provide evidence that the housing crisis and financial nature of 
 the Great Recession account for this decline in job flows. We exploit MSA-l
 evel variation in job flows and housing prices to show that a decline in ho
 using prices diminishes job creation and lagged job destruction. Moreover, 
 we document differences across firm size and age categories, with middle-si
 zed firms (20-99 employees) and new and young firms (firms less than 5 year
 s of age) most sensitive to a decline in house prices. We propose a quantit
 ative model of firm dynamics with collateral constraints, calibrating the m
 odel to match the distribution of employment by firm size and age. Financia
 l shocks in our firm dynamics model depresses job creation and job destruct
 ion and replicates the empirical pattern of the sensitivity of job flows ac
 ross firm age and size categories.</p>
DTSTAMP:20260404T140548Z
DTSTART:20141103T173000Z
DTEND:20141103T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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