Firing the wrong workers: Financing constraints and labor misallocation
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- dc.contributor.author Caggese, Andrea
- dc.contributor.author Cuñat, Vicente
- dc.contributor.author Metzger, Daniel
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:27:03Z
- dc.date.available 2020-05-25T09:27:03Z
- dc.date.issued 2017-10-01
- dc.date.modified 2020-05-25T09:25:41Z
- dc.description.abstract Firms consider wages, current and expected productivity as well as firing and hiring costs when firing a worker. Financing constraints distort this intertemporal trade-off, leading firms to sub-optimally fire short-tenured workers with high future expected productivity.We provide empirical evidence of this distortion using matched employer-employee data from the Swedish population between 2000 and 2010. We propose a new empirical strategy that uses credit ratings to identify financing constraints and uses exchange rates and trade data to identify demand shocks. Our empirical results identify an important new misallocation effect of financial frictions that operates within firms across different types of workers.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1618
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/44764
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1618
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword labor misallocation
- dc.subject.keyword firing decisions
- dc.subject.keyword financing constraints
- dc.subject.keyword Finance and Accounting
- dc.title Firing the wrong workers: Financing constraints and labor misallocation
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper