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This paper studies the long-term consequences on firms and workers of the credit crunch triggered by the 2007-2008 global financial crisis. Relying on a unique matched bank-employer-employee administrative dataset, we construct a firm-specific credit supply shock and examine firms’ and...
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on the working week, employment and productivity. A baseline model economy is calibrated to reproduce the cross … higher degree of flexibility in weekly hours. The 2012 reform is found to preserve employment and generate a 1.72% increase … in productivity. In the work-sharing scenario, the increase in employment (1.86%) comes at the expense of a lower …
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