We study the importance of financial markets for (un)employment fluctuations in a model with matching frictions where firms borrow under limited enforcement. Borrowing affects employment through a ‘debt bargaining channel’: higher debt improves the bargaining position of employers with workers and increases the incentive to hire. We estimate the model structurally and find that the debt bargaining channel accounts for 26 percent of unemployment fluctuations. We find empirical support for the channel at the micro level using firm level data from Compustat.

中文翻译：

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金融市场和失业

我们研究了金融市场对（失业）就业波动的重要性，该模型具有匹配摩擦，其中公司在有限执法下借贷。借贷通过“债务谈判渠道”影响就业：较高的债务提高了雇主与工人的谈判地位，并增加了雇用的积极性。我们从结构上估计模型，发现债务谈判渠道占失业波动的 26%。我们使用来自 Compustat 的公司层面数据在微观层面找到了对渠道的实证支持。