publication . Article . 2012

Job gains and losses at large and small firms during the Great Recession

Juan Sanchez;
Open Access
  • Published: 01 Jan 2012
Conventional wisdom says that employment at small firms declines more than employment at large firms during recessions. However, that doesn’t seem to have been the case during the Great Recession of 2007-09.
free text keywords: Job creation ; Recessions

1 to 4 employees

1,000 or more employees

1 to 4 employees

1,000 or more employees

the 2008-09 Recession Relative to 2006-07

1 Gertler and Gilchrist define small and large

ifrms below the 30th percentile and large

2 hTis is even more surprising as Şahin et al.

3 See Kacperczyk and Schnabl.

Gertler, Mark; and Gilchrist, Simon. “Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms.” Quarterly Journal of Economics, May 1994, Vol. 109, No. 2, pp. 309-40. [OpenAIRE]

Kacperczyk, Marcin; and Schnabl, Philipp. “When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007-2009.” Journal of Economic Perspectives, Winter 2010, Vol. 24, No. 1, pp. 29-50. [OpenAIRE]

Kudlyak, Marianna; Price, David A.; and Sánchez, Juan M. “The Responses of Small and Large Firms to Tight Credit Shocks: The Case of 2008 through the Lens of Gertler and Gilchrist (1994).” Federal Reserve Bank of Richmond: Economic Brief, October 2010, Vol. 10, No. 10, pp. 1-3. [OpenAIRE]

Moscarini, Giuseppe; and Postel-Vinay, Fabien. “The Timing of Labor Market Expansions: New Facts and a New Hypothesis.” In National Bureau of Economic Research Macroeconomics Annual 2008, editors Daron Acemoglu, Kenneth Rogof and Michael Woodford, Vol. 23, pp. 1-52. Chicago: University of Chicago Press, 2009.

Şahin, Ayşegül; Kitao, Sagiri; Cororaton, Anna; and Laiu, Sergiu. “Why Small Businesses Were Hit Harder by the Recent Recession.” Federal Reserve Bank of New York: Current Issues in Economics and Finance, 2011, Vol. 17, No. 4, pp. 1-7.

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