Financial conditions and labor productivity over the business cycle
Economics Letters, 2017, vol. 150, issue C, 34-38
The cyclical behavior of productivity has noticeably changed since the mid-80s. We provide VAR evidence that financial shocks have an important effect on productivity. We offer a novel explanation based on the effect of binding collateral constraints on labor demand.
Keywords: Credit market frictions; Credit shocks; Productivity; Business cycles (search for similar items in EconPapers)
JEL-codes: E22 E32 E44 J23 J24 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:150:y:2017:i:c:p:34-38
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