NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The stock market and aggregate employment

Long Chen, Lu Zhang

NBER Working Paper No. 15219
Issued in August 2009

---- Acknowledgements -----

We thank Federico Belo for helpful comments. A portion of the paper was completed in August 2009 while Lu Zhang was visiting Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, whose hospitality is gratefully acknowledged. An Internet Appendix with supplementary results is available at the authors' Web sites. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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