在本文中展示了金融摩擦與勞動市場摩擦之間的交互作用在不確定性衝擊的傳遞中扮演關重要的作用。通過將金融摩擦和勞動搜尋與媒合摩擦納入 Leduc and Liu（2016）建構的 DSGE 模型，對其進行延伸。Leduc and Liu（2016）主張雇用不可逆性所產生的等待價值管道，為重現總體經濟變數對不確定性衝擊負面反應的關鍵。而具體而言，從現有的實證結果顯示，由金融衝擊引發的衰退會導致更高的失業率和更顯著的生產率下降。
本研究的基準模型有兩個關鍵特徵：(i) 廠商在生產前通過發行即期貸款來融資；(ii) 勞工的薪資通過與廠商的議價來確定。本研究的量化結果顯示，由勞動搜尋摩擦產生的等待價值管道與約束廠商決策的抵押限制管道間的交互作用，可放大消費、投資和產出的下降，從而在不確定性衝擊發生時加劇經濟衰退。

In this paper, we demonstrate that the interaction between financial frictions and labor market frictions plays a crucial role in the transmission of uncertainty shocks. We extend the DSGE model developed by Leduc and Liu (2016) by incorporating both financial frictions and labor search-and-matching frictions. They propose the option-value channel, stemming from the irreversibility of employment status, to reproduce negative responses of key macroeconomic variables to uncertainty shocks. Specifically, as shown by existing empirical evidence, recessions triggered by financial shocks induce higher unemployment and more pronounced declines in productivity.

Our baseline model has two key features: (i) firms finance expenditures by issuing intratemporal loans before production, and (ii) wages are determined via Nash bargaining between firms and workers. Our quantitative result suggests that the interaction between the option-value channel arising from labor search frictions, and the collateral constraint channel in binding firms’ decisions, can amplify declines in consumption, investment, and output, and thus exacerbate economic downturns when uncertainty shocks occur.

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