's Longitudinal Business Database, we document that firms redistribute the employment impacts of local demand shocks across regions … sharp drop in consumer demand, leading to large employment losses in the non-tradable sector. Consistent with firms … local demand shocks in other counties linked through firms' internal networks. These results are not driven by direct demand …

This paper argues that firms' balance sheets were instrumental in the transmission of consumer demand shocks during the … firms experienced significantly larger employment losses in response to declines in local consumer demand. These results are … with more highly levered firms experienced significantly larger declines in employment in response to local consumer demand …

general trend towards increased employment flexibility. Yet to this day, it remains an open question what drives the demand …

general trend towards increased employment flexibility. Yet to this day, it remains an open question what drives the demand …