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UID:4bd71c5b18c3af427e9aec13d6e074c0
CATEGORIES:Seminars
CREATED:20150211T175248
SUMMARY:Dmitriy Sergeyev - Bocconi University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Financial Shocks and Job Flows\nAbstract:\nThe labor market recovery since 
 the end of the Great Recession has been characterized by a marked decline i
 n labor market turnover. In this paper, we provide evidence that the housin
 g crisis and financial nature of the Great Recession account for this decli
 ne in job flows. We exploit MSA-level variation in job flows and housing pr
 ices to show that a decline in housing prices diminishes job creation and l
 agged job destruction. Moreover, we document differences across firm size a
 nd age categories, with middle-sized firms (20-99 employees) and new and yo
 ung firms (firms less than 5 years of age) most sensitive to a decline in h
 ouse prices. We propose a quantitative model of firm dynamics with collater
 al constraints, calibrating the model to match the distribution of employme
 nt by firm size and age. Financial shocks in our firm dynamics model depres
 ses job creation and job destruction and replicates the empirical pattern o
 f the sensitivity of job flows across firm age and size categories.\n
DTSTAMP:20260404T140254Z
DTSTART:20141103T173000Z
DTEND:20141103T190000Z
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