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Cited by 406

The DOI matches its Crossref record; 51 of the 51 references it cites were found in a registry or an index.

Firm Leverage, Consumer Demand, and Employment Losses During the Great Recession*

Open access
Giroud, Xavier, Mueller, Holger M.·2017·The Quarterly Journal of Economics
DOI 10.1093/qje/qjw035
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Abstract

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 in response to declines in local consumer demand. These results are not driven by firms being less productive, having expanded too much prior to the Great Recession, or being generally more sensitive to fluctuations in either aggregate employment or house prices. Likewise, at the county level, we find that counties with more highly levered firms experienced significantly larger declines in employment in response to local consumer demand shocks. Accordingly, firms’ balance sheets also matter for aggregate employment. Our results suggest a possible role for employment policies that target firms directly besides conventional stimulus.

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Metadata

Authors
Giroud, X., & Mueller, H. M.
Venue
The Quarterly Journal of Economics
Publisher
Oxford University Press (OUP)
Published
2016-10-13
Volume
132
Issue
1
Pages
271-316
ISSN
  • 0033-5533 (ISSN-L)
  • 1531-4650
DOI
10.1093/qje/qjw035
OpenAlex
W3122834154
Cited by
406
References
51
FWCI
64.31
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: Firm Leverage, Consumer Demand, and Employment Losses During the Great Recession*. https://app.cochat.ai/papers/10.1093/qje/qjw035
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Giroud, X., & Mueller, H. M. (2017). Firm Leverage, Consumer Demand, and Employment Losses During the Great Recession*. The Quarterly Journal of Economics. https://doi.org/10.1093/qje/qjw035

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.