[pt] Esse trabalho usa dados de empregador e empregado para investigar o canal de crédito como um canal de transmissão relevante da crise financeira em 2008 sobre o mercado de trabalho. Eu estudo o impacto entre setores da indústria das decisões das firmas em relação à força de trabalho. Eu uso medidas como taxas de contratação e demissão. Eu encontro que crédito foi um mecanismo de transmissão importante da crise sobre a economia real. Mais especificamente, eu encontro que as taxas de demissão são maiores para firmas mais dependentes de financiamento durante a crise. Trabalhadores mais jovens e menos qualificados foram mais afetados negativamente, através do canal de crédito. Eu também encontro evidências de realocação de trabalhadores entre setores; setores menos dependentes de financiamento roubaram mais trabalhadores de outros setores, especialmente de firmas pequenas. Eu também encontro evidências de realocação de trabalhadores dentro dos setores e entre intervalos de tamanho de firma. / [en] This paper uses matched employer-employee data to investigate the credit channel as a relevant transmission channel of the 2008 financial crisis on the labor market in Brazil. I study the cross-sector impact on employment decisions of firms of the manufacturing industry. I use measures such as hiring and firing rates as outcomes. I find that the credit was an important transmission mechanism of the crises to the real economy. More specifically, I find that the firing rate is higher for more financially dependent industries during the crisis. Younger and less skilled workers were more adversely affected through the credit channel. I also find evience of reallocation of workers across sectors; less financially dependent sectors poached more workers from other sectors, and particularly so from smaller firms. I also find some evidence of reallocation within sector and across firm size intervals.

The thesis examines the ability of DSGE models with financial elements to explain financial asset prices. A neoclassical macroeconomic model is used, in- cluding a financial constraint in the form of a restriction on external financing. Moreover, the strictness of the restriction is affected by an external financial shock. It is shown, that the combination of the financial constraint and the fi- nancial shock contributes to understanding of the macroeconomic fluctuations, asset price dynamics and their mutual impact. The calibration for the United States demonstrates that the financial shock is an important source of the as- set price volatility. Contrary, when calibrated to the Czech data, the financial shock generates only moderate asset price volatility, as a consequence of a posi- tive correlation with the productivity shock. To address the issue, the model is further extended by a sector of financial intermediaries and a preference shock related to the risk-aversion of economic subjects, and the extension is shown to improve the result.

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