Liquidity constraints prompt the unemployed to intensify their job search, but does that produce better labour market outcomes? Using longitudinal Australian data, we test the effect of objective proxy indicators of liquidity constraints on job search and concomitant labour market outcomes. We find that liquidity constraints, specifically their severe form ‘hardship’, intensify job search without improving short‐run employment outcomes or objective job quality (if a job is secured), whereas subjective job quality outcomes are worse. Moreover, we find evidence that the quit intention is higher and the concomitant medium‐run employment stability is lower for those who found jobs facing hardship.

中文翻译：

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流动性限制、失业求职和劳动力市场结果

流动性限制促使失业者加大求职力度，但这是否会产生更好的劳动力市场结果？使用澳大利亚纵向数据，我们测试了流动性约束的客观代理指标对求职和随之而来的劳动力市场结果的影响。我们发现流动性限制，特别是其严重形式的“困难”，在没有改善短期就业结果或客观工作质量（如果工作有保障）的情况下加剧了求职，而主观工作质量结果更糟。此外，我们发现有证据表明，那些找到工作面临困难的人的辞职意愿较高，伴随的中期就业稳定性较低。