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Cited by 1,060

The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.

What Explains the 2007-2009 Drop in Employment?

Open access
Mian, Atif, Sufi, Amir·2014·Econometrica
DOI 10.3982/ecta10451
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Abstract

We show that deterioration in household balance sheets, or the housing net worth channel, played a significant role in the sharp decline in U.S. employment between 2007 and 2009. Counties with a larger decline in housing net worth experience a larger decline in non-tradable employment. This result is not driven by industry-specific supply-side shocks, exposure to the construction sector, policy-induced business uncertainty, or contemporaneous credit supply tightening. We find little evidence of labor market adjustment in response to the housing net worth shock. There is no significant expansion of the tradable sector in counties with the largest decline in housing net worth. Further, there is little evidence of wage adjustment within or emigration out of the hardest hit counties.

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Metadata

Authors
Mian, A., & Sufi, A.
Venue
Econometrica
Publisher
The Econometric Society
Published
2014-11
Volume
82
Issue
6
Pages
2197-2223
ISSN
0012-9682 (ISSN-L)
DOI
10.3982/ecta10451
OpenAlex
W2320014267
Cited by
1,060
References
1
FWCI
171.30
Type
journal article
Language
en
Open access
green

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

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