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Working Paper
The Credit Crunch and Fall in Employment during the Great Recession
We study the existence and economic significance of bank lending channels that affect employment in U.S. manufacturing industries. In particular, we address the question of how a dramatic worsening of firm and consumer access to bank credit, such as the one observed over the Great Recession, translates into job losses in these industries. To identify these channels, we rely on differences in the degree of external finance dependence and of asset tangibility across manufacturing industries and in the sensitivity of these industries' output to changes in the supply of consumer credit. We show ...
Speech
Benefits and challenges from globalization: remarks at the Bombay Stock Exchange, Mumbai, India
Remarks at the Bombay Stock Exchange, Mumbai, India.
Speech
The Economic Health of the Region
Remarks at the Waterfront Alliance Regional Symposium: Recovery and Resiliency in a New Era (delivered via videoconference).