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UID:event-8768@www.amse-aixmarseille.fr
DTSTAMP:20260421T214101Z
CREATED:20260421T214101Z
LAST-MODIFIED:20260421T214101Z
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SUMMARY:job market seminar - Gabriel Züllig
DTSTART:20220121T103000Z
DTEND:20220121T114500Z
DESCRIPTION:This paper studies the interaction of employment and wages in l
 ight of credit supply disruptions. Using a combination of administrative ba
 nk-firm-worker datasets from Denmark\, I first establish that firms borrowi
 ng from banks highly exposed to the money market prior to the Global Financ
 ial Crisis received a shock to external liquidity\, relative to otherwise s
 imilar firms. This led to a drop in employment of 5% at these firms\, but a
 lmost no movement of average wages. Separation rates increase most for work
 ers with the highest initial wages. This is not explained by higher wage st
 ickiness at the top of the wage distribution. Comparing my findings to a be
 nchmark shock\, I find that the higher separation rates for high-wage worke
 rs are directly related to firms’ liquidity needs. Employees separated fr
 om jobs with high wages are re-employed quickly\, albeit at lower wages. Th
 is leads to sluggish wage growth even in unconstrained firms\, and well int
 o the recovery after a financial recession\, implying a flattening of the P
 hillips curve.\\n\\nContact: Frédéric Deroïan : frederic.deroian[at]uni
 v-amu.fr\n\nPlus d'informations: https://www.amse-aixmarseille.fr/fr/evenem
 ents/gabriel-z%C3%BCllig
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/gabriel-z%C3%BCllig
CONTACT:Frédéric Deroïan :&nbsp\;frederic.deroian[at]univ-amu.fr
TRANSP:OPAQUE
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