Firm entry and exit during recessions
نویسندگان
چکیده
We analyze aggregate shocks in a general equilibrium model of firm dynamics with entry and exit financial frictions. Compared to the productivity shock, shock collateral constraint (credit shock) generates larger change exit. Calibrating credit Great Recession, we find that accounts for lower entry, higher exit, concentration among young firms during Recession. The changes account 19 24 percent fall output hours, respectively. Furthermore, discuss how modeling potential entrants matters quantitative results, perform COVID-19 lockdown experiment.
منابع مشابه
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ژورنال
عنوان ژورنال: Review of Economic Dynamics
سال: 2023
ISSN: ['1096-6099', '1094-2025']
DOI: https://doi.org/10.1016/j.red.2021.12.001