... manuscript, UC Berkeley and University of Chicago Booth.Michelacci C. and V. Quadrini (2009). Financial Markets and Wages”.Review of Economic Studies, 76(2), 795-27.Modigliani, F., and M. H. Miller ... Labor and CreditMarket Imperfections”. American Economic Review, 94(4), 944-63.49 Financial Markets and Unemployment ∗Tommaso MonacelliUniversit`a BocconiVincenzo QuadriniUniversity of ... bargaining, unemployment, credit shocks.JEL classification: E24, E32, E44.∗We thank Wouter Den Haan, John Haltiwanger, Nicolas Petrosky-Nadeau and AlanSutherland for insightful comments and seminar...