NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Firm Leverage and Unemployment during the Great Recession

Xavier Giroud, Holger M. Mueller

NBER Working Paper No. 21076
Issued in April 2015, Revised in July 2015

---- Acknowledgments ----

We thank Nick Bloom, Itamar Drechsler, Andrea Eisfeldt, Mark Gertler, Ed Glaeser, Bob Hall, Theresa Kuchler, Atif Mian, Jordan Nickerson, Stijn van Nieuwerburgh, Jonathan Parker, Thomas Philippon, Paul Romer, Alexi Savov, David Scharfstein, Phillip Schnabl, Antoinette Schoar, Andrei Shleifer, Rui Silva, Johannes Stroebel, Amir Sufi, and seminar participants at MIT, NYU, Stanford, UBC, ITAM Finance Conference 2015, LBS Summer Finance Symposium 2015, and NBER CF Spring Meeting 2015 for helpful comments. We are grateful to Manuel Adelino and Albert Saiz for providing us with data. Any opinions and conclusions expressed herein are those of the authors and do not necessarily represent the views of the U.S. Census Bureau. All results have been reviewed to ensure that no confidential information is disclosed. 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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