"Credit Econometric models." . . "National Bureau of Economic Research." . . "Unemployment Econometric models." . . "Management." . . . . . . . "Anatomy of a credit crunch from capital to labor markets" . . . . . . . "Anatomy of a Credit Crunch : From Capital to Labor Markets" . . . "Anatomy of a Credit Crunch From Capital to Labor Markets" . . . "Anatomy of a credit crunch : from capital to labor markets"@en . . . . . . . . . . . . . . . "Why are financial crises associated with a sustained rise in unemployment? We develop a tractable model with frictions in both credit and labor markets to study the aggregate and micro-level implications of a credit crunch--i.e., a tightening of collateral constraints. When we simulate a credit crunch calibrated to match the observed decline in the ratio of debt to non-financial assets of the United States business sector following the 2007-8 crisis, our model generates a sharp decline in output--explained by a drop in aggregate total factor productivity and investment--and a protracted increase in unemployment. We then explore the micro-level impact by tracking the employment dynamics for firms of different sizes and ages. The credit crunch causes a much larger reduction in the net employment growth rate of small, young establishments relative to that of large, old producers, consistent with the recent empirical findings in the literature." . "2008 - 2009" . . "Unemployment United States Econometric models." . . "Financial crises Econometric models." . . "Global Financial Crisis, 2008-2009." . . "Economics." . . "Zonder onderwerpscode: economie." . . "Electronic documents." . . "Credit United States Econometric models." . . "Global Financial Crisis (2008-2009)" . . . "Labor market United States Econometric models." . . "Financial crises United States Econometric models." . . . . "United States." . . "Labor market Econometric models." . .