Unfortunately, most studies of the labor market during this period do not directly speak to this issue, although Holzer, Raphael, and Stoll (2006) investigate changes in employers’ willingness to hire less-skilled workers during these years, while Katz and Krueger (1999) and my own study with Blinder (2001) explore the somewhat related question of how the U.S. economy was able to simultaneously experience rapid growth, low unemployment, and low inflation in the late 1990s.
9 See Krueger, Mitman, and Perri (2016). 10 On the role of financing constraints for firm employment, see Siemer (2014); Chodorow-Reich (2014); and  Duygan-Bump, Levkov, and Montoriol-Garriga (2015). A general-equilibrium model with heterogeneity among firms and credit frictions is studied in Khan and Thomas (2013).