Berton, Fabio , Mocetti, Sauro , Presbitero, Andrea , Richiardi, Matteo , (2017), “The losers from credit crunches”, VoxEu, 9 February
In the aftermath of the Global Crisis, a severe credit crunch has had long-lasting consequences for a number of economies. Trade has collapsed (Paravisini et al 2011), investment expenditure has shrunk significantly (Cingano et al. 2016), and unemployment rates have increased markedly (e.g. Clements et al. 2012). These developments have triggered a renewed interest in the real effects of financial shocks and, in particular, on the effects that credit supply shocks have on firms’ employment decisions (Bentolila and Jansen 2014, Popov and Rocholl 2017).
- Romain Duval, Davide Furceri, (2016), “The Effects of Labor and Product Market Reforms: The Role of Macroeconomic Conditions and Policies”, International Monetary Fund, November
- Gali, Jordi, (2015), “Hysteresis and the European unemployment problem revisited”, ECB Forum on Central Banking, May