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Displacement and debt - the role of debt in returning to work after displacement

机译：流离失所和债务 - 债务在流离失所后偿还工作的作用

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Purpose - This paper aims to analyze the question of how household indebtedness impacts households' incentives to search for and accept work after displacement. Design/methodology/approach - To analyze the relationship between household indebtedness and unemployment duration, this paper applies standard proportional hazard models. For data, this paper relies on the longitudinal US National Survey of Income and Program Participation (SIPP), covering the period between 2008 and 2012. Findings - The findings show that a 10% increase in household debt increases the likelihood (hazard) of leaving unemployment by 0.2%-0.4% points. Independent of measuring a household's indebtedness and in light of a series of robustness tests, the results indicate that the pressure of servicing an existing debt burden forces individuals to return to work. Social implications - From a policy perspective, the research findings support the notion that household indebtedness plays an important mediating role for labor market outcomes through influencing households' incentives to return to work after displacement. This finding has important implications for the design of effective policy responses to mass layoffs during the current pandemic. Originality/value - A key innovation of the research is that we can show that household indebtedness impacts the labor supply side. From a macroeconomic perspective, this insight is important in better understanding the role of increased indebtedness (and financialization) in amplifying aggregate macroeconomic dynamics.
机译：目的 - 本文旨在分析家庭债务如何影响家庭的激励措施，并在流离失所后接受工作。设计/方法/方法 - 分析家庭债务与失业期之间的关系，本文适用标准比例危险模型。对于数据而言，本文依赖于美国国家收入和方案参与调查（SIPP），涵盖了2008年至2012年的时间。调查结果表明，家庭债务增加10％的增加会增加了离开的可能性（危害）失业率0.2％-0.4％。独立于衡量家庭的债务，鉴于一系列稳健性测试，结果表明，维修现有债务负担的压力迫使个人重返工作岗位。社会影响 - 从政策角度来看，研究调查结果支持家庭债务对劳动力市场结果发挥重要调解作用的概念，通过影响家庭的激励措施在流离失所后重返工作岗位。这一发现对在目前大流行期间对大规模裁员的有效政策响应的设计具有重要意义。原创/价值 - 研究的关键创新是，我们可以表明家庭债务影响劳动力供应方。从宏观经济的角度来看，这种洞察力在更好地了解增加债务（和金融化）在放大总体宏观经济动力学方面的作用非常重要。

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