| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16975 |
| DP16975 Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations | |
| Thomas Drechsel | |
| 发表日期 | 2022-01-30 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Microeconomic evidence reveals a direct link between firms' current earnings and their access to debt. This paper studies macroeconomic implications of earnings-based borrowing constraints. In a macro model, firms with earnings-based constraints borrow more in response to positive investment shocks, whereas firms with collateral constraints borrow less. Empirically, aggregate and firm-level credit responds to identified investment shocks according to the predictions with earnings-based constraints. Moreover, with sticky prices earnings-based constraints imply that supply shocks are quantitatively more important. This is validated in an estimated version of the model, highlighting the importance of carefully modeling credit constraints to understand policy tradeoffs. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Collateral constraints Loan covenants Cash flow-based lending Financial frictions Investment-specific shocks Sticky prices |
| URL | https://cepr.org/publications/dp16975 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545919 |
| 推荐引用方式 GB/T 7714 | Thomas Drechsel. DP16975 Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations. 2022. |
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