decline in U.S. employment from 2007 to 2009. The aggregate demand channel for unemployment predicts that employment losses in … shock, while losses in the tradable sector are distributed uniformly across all counties. We find exactly this pattern from … 2007 to 2009. Alternative hypotheses for job losses based on uncertainty shocks or structural unemployment related to …

decline in U.S. employment from 2007 to 2009. The aggregate demand channel for unemployment predicts that employment losses in … shock, while losses in the tradable sector are distributed uniformly across all counties. We find exactly this pattern from … 2007 to 2009. Alternative hypotheses for job losses based on uncertainty shocks or structural unemployment related to …

had been in arrears in their house payments. Reductions in spending were common especially following unemployment. On …