Professor Holger Mueller's research on firm leverage and unemployment during the Great Recession is cited
— June 3, 2015
Excerpt from Bloomberg -- "Companies that loaded up on debt during the credit boom of the early-to-mid-2000s were more likely to fire workers and shut down stores once the 2007-2009 recession hit than were companies that hadn’t levered up, according to a National Bureau of Economic Research working paper issued in April. That’s because they couldn’t raise additional funds. The weakened balance sheets among the more highly levered firms were 'instrumental in the propagation of shocks' during the crisis, Xavier Giroud and Holger Mueller wrote in the report."