NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Frictions and Employment during the Great Depression

Efraim Benmelech, Carola Frydman, Dimitris Papanikolaou

NBER Working Paper No. 23216
Issued in March 2017

---- Acknowledgements ----

We thank Andrew Ellul, Joseph Ferrie, Jose Liberti, Joel Mokyr, Paige Ouimet (discussant), Marco Pagano, Giorgio Primiceri, Fabiano Schivardi (discussant), Amit Seru, Andrei Shleifer, Jeremy Stein, Toni Whited (discussant) and seminar participants at the CSEF-EIEF-SITE Conference on Finance and Labor, Federal Reserve Bank of New York, NBER Corporate Finance Summer Institute (2016), Kellogg School of Management, Northwestern's Economic History workshop, 2016 Tsinghua Finance Workshop, and Wharton for very helpful comments. Eileen Driscoll, Jenna Fleischer, Sam Houskeeper, Ari Kaissar, Daniel Trubnick, and Yupeng Wang provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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