Champagne, Julien; Gouin-Bonenfant, Émilien - 2022 - Last updated: December 9, 2022
question, we propose a simple empirical strategy that combines (i) firm-level employment and balance sheet data, (ii … requests. Leveraging cross-sectional heterogeneity in the proxy and the sensitivity of employment to monetary policy shocks, we … roughly a third of the employment response. Our findings are consistent with a strong financial accelerator, whereby …