Replication data for: Debt Constraints and the Labor Wedge

Virgiliu Midrigan, Elena Pastorino & Patrick Kehoe
Changes in household debt and employment across regions of the U.S. during the Great Recession are highly correlated: regions where the decrease in household debt was most pronounced were also regions where the decline in employment was most severe. We show that the drop in employment in the regions that have experienced the largest decrease in household debt is mostly accounted for by changes in the labor wedge (deviations from a static consumption-leisure choice) as...
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