Employment and the residential collateral channel of monetary policy

Adelino, 2015, House prices, collateral and self-employment, J Financ Econ, 117, 288, 10.1016/j.jfineco.2015.03.005 Anderson, 2018, Firm Heterogeneity, Credit Spreads, and Monetary Policy Avery, 1998, The role of personal wealth in small business finance, Journal of Banking & Finance, 22, 1019, 10.1016/S0378-4266(98)00016-8 Bahaj, 2019, The Residential Collateral Channel: A General Equilibrium Analysis Bahaj, 2020, Home values and firm behavior, American Economic Review, 110, 2225, 10.1257/aer.20180649 Bathala, 2006, Use of debt covenants in small firms, The Journal of Entrepreneurial Finance, 11, 49, 10.57229/2373-1761.1046 Berkowitz, 2004, Bankruptcy and small firms’ access to credit, Rand J Econ, 35, 69, 10.2307/1593730 Bernanke, 1999, The financial accelerator in a quantitative business cycle framework, Vol. 1, 1341, 10.1016/S1574-0048(99)10034-X Chaney, 2012, The collateral channel: how real estate shocks affect corporate investment, American Economic Review, 102, 2381, 10.1257/aer.102.6.2381 Cloyne, 2018, Monetary Policy, Corporate Finance and Investment Cloyne, 2016, The macroeconomic effects of monetary policy: a new measure for the united kingdom, American Economic Journal: Macroeconomics, 8, 75 Crouzet, 2020, Small and large firms over the business cycle, American Economic Review, 110, 3549, 10.1257/aer.20181499 Decker, 2020, Changing business dynamism and productivity: shocks versus responsiveness, American Economic Review, 110, 3952, 10.1257/aer.20190680 Dinlersoz, 2018, Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness Driscoll, 1998, Consistent covariance matrix estimation with spatially dependent panel data, Rev Econ Stat, 80, 549, 10.1162/003465398557825 Farre-Mensa, 2016, Do measures of financial constraints measure financial constraints?, Rev Financ Stud, 29, 271, 10.1093/rfs/hhv052 Fort, 2013, How firms respond to business cycles: the role of firm age and firm size, IMF Economic Review, 61, 520, 10.1057/imfer.2013.15 Gerko, 2017, Monetary policy in the capitals of capital, J Eur Econ Assoc, 15, 721, 10.1093/jeea/jvx022 Gertler, 1994, Monetary policy, business cycles, and the behavior of small manufacturing firms, Q J Econ, 109, 309, 10.2307/2118465 Gertler, 2015, Monetary policy surprises, credit costs, and economic activity, American Economic Journal: Macroeconomics, 7, 44 Giroud, 2017, Firm leverage, consumer demand, and employment losses during the great recession, Quarterly Journal of Economics, 56, 271, 10.1093/qje/qjw035 Hadlock, 2010, New evidence on measuring financial constraints: moving beyond the kz index, Rev Financ Stud, 10.1093/rfs/hhq009 Jarocinski, 2008, House prices and the stance of monetary policy, St Louis Fed Review, 90, 339 Jeenas, 2018, Monetary policy shocks, financial structure, and firm activity: a panel approach, mimeo, New York University Jorda, 2005, Estimation and inference of impulse responses by local projections, American Economic Review, 95, 161, 10.1257/0002828053828518 Jorda, 2015, Betting the house, J Int Econ, 96, S2, 10.1016/j.jinteco.2014.12.011 Kiyotaki, 1997, Credit cycles, Journal of Political Economy, 105, 211, 10.1086/262072 Kudlyak, 2017, Revisiting the behavior of small and large firms during the 2008 financial crisis, Journal of Economic Dynamics and Control, 77, 48, 10.1016/j.jedc.2017.01.017 Lian, 2021, Anatomy of corporate borrowing constraints, Quarterly Journal of Economics, 136, 229, 10.1093/qje/qjaa030 Liu, 2013, Land-price dynamics and macroeconomic fluctuations, Econometrica, 81, 1147, 10.3982/ECTA8994 Malmendier, 2015, Behavioral ceos: the role of managerial overconfidence, Journal of Economic Perspectives, 29(4), 37, 10.1257/jep.29.4.37 Meisenzahl, 2014, Verifying the state of financing constraints: evidence from u.s. business credit contracts, Journal of Economic Dynamics and Control, 43, 58, 10.1016/j.jedc.2014.03.006 Mian, 2014, What explains the 2007 2009 drop in employment?, Econometrica, 82, 2197, 10.3982/ECTA10451 Moscarini, 2012, The contribution of large and small employers to job creation in times of high and low unemployment, American Economic Review, 102, 2509, 10.1257/aer.102.6.2509 OECD, 2021. Oecd SME and Entrepreneurship Outlook 2021. Ottonello, 2020, Financial heterogeneity and the investment channel of monetary policy, Econometrica, 88, 2473, 10.3982/ECTA15949 Ramey, 2016, Macroeconomic shocks and their propagation, Vol. 2, 71, 10.1016/bs.hesmac.2016.03.003 Stroebel, 2019, House prices, local demand, and retail prices, Journal of Political Economy, 127, 1391, 10.1086/701422 Vats, 2021, What does financial heterogeneity say about the transmission of monetary policy?, Mimeo Wooldridge, 2002