firms to cut investment, employment, and borrowing. We conclude that financial market fluctuations affect even private firms …

. Most firms revise downward their expectations for sales, orders, employment, and investment, while prices are expected to …

associated with it. In particular, we distinguish between employment, hours and effort per worker, and allow for adjustment costs … associated with employment changes. We assume that the requirement function for effective hours has a general trans …-logarithmic form, and derive an estimable system of Euler equations for inventories and employment with implied cross …

, resulted in lower investment, employment, and bank debt for younger and smaller firms. Importantly, these effects dominate … those of banks' balance-sheet variables. We also show that higher CDS spreads led to lower aggregate investment, employment …

associated with it. In particular, we distinguish between employment, hours and effort per worker, and allow for adjustment costs … associated with employment changes. We assume that the requirement function for effective hours has a general trans …-logarithmic form, and derive an estimable system of Euler equations for inventories and employment with implied cross …