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What Explains the 2007-2009 Drop in Employment?
Open accessAbstract
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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Cites
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Oster, E. (2019) · Journal of Business & Economic Statistics · doi:10.1080/07350015.2016.1227711 · Cited by 5,367
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Cengiz, D., Dube, A., Lindner, A., & Zipperer, B. (2019) · The Quarterly Journal of Economics · doi:10.1093/qje/qjz014 · Cited by 2,688
The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade
Autor, D. H., Dorn, D., & Hanson, G. H. (2016) · Annual Review of Economics · doi:10.1146/annurev-economics-080315-015041 · Cited by 1,305
Import Competition and the Great US Employment Sag of the 2000s
Acemoglu, D., Autor, D., Dorn, D., Hanson, G. H., & Price, B. (2016) · Journal of Labor Economics · doi:10.1086/682384 · Cited by 1,113
Monetary Policy and the Redistribution Channel
Auclert, A. (2019) · American Economic Review · doi:10.1257/aer.20160137 · Cited by 773
Artificial Intelligence, Automation and Work
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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)
- OpenAlex
- W2320014267
- Cited by
- 1,060
- References
- 1
- FWCI
- 171.30
- Type
- journal article
- Language
- en
- Open access
- green
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