Using geographic variation in bank lending, I study how bank real estate losses affected the supply of credit and employment during the Great Recession. Banks exposed to distressed housing markets cut mortgage and small business lending relative to other banks in the same county. This lending contraction had real effects, as counties whose banks were exposed to adverse shocks in other markets suffered employment declines, especially in young firms and bank dependent industries. This credit contraction also caused wages to fall and consumer delinquencies to rise, contributing to subsequent declines in nontradable employment.

中文翻译：

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住房泡沫破裂，银行贷款与就业：来自多市场银行的证据

利用银行贷款的地域差异，我研究了大萧条期间银行房地产损失如何影响信贷和就业的供应。与同县的其他银行相比，陷入困境的住房市场的银行削减了抵押贷款和小企业贷款。这种贷款收缩产生了实际的影响，因为那些银行遭受其他市场不利冲击的县的就业率下降了，特别是在年轻企业和银行依赖行业中。这种信贷紧缩还导致工资下降，消费者违法行为上升，导致随后的非贸易就业人数下降。