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来源类型Working Paper
规范类型报告
DOI10.3386/w20099
来源IDWorking Paper 20099
Financial Frictions and Firm Dynamics
Paul Bergin; Ling Feng; Ching-Yi Lin
发表日期2014-05-08
出版年2014
语种英语
摘要Firm entry dynamics are an integral part of the propagation of financial shocks to the real economy. A VAR documents that adverse financial shocks in the U.S. postwar period are associated with a fall in new firm creation and a fall in firm equity values. We propose a DSGE model with endogenous firm entry and financial frictions that is able to explain these facts. The model is novel in giving firms a choice of financing up-front entry costs through a combination of debt as well as equity, so that financial shocks directly impact the financing of firm entry. The model is also novel in making use of the asset pricing implications of the firm entry condition to explain the equity price response to a financial shock. The model indicates that free entry of new firms limits the ability of incumbent firms to respond to negative financial shocks through endogenous capital restructuring. Also, allowing the number of firms to fall after an adverse financial shock is a useful margin of macroeconomic adjustment, reducing the overall impact of the shock on aggregate output. This is because the remaining firms become financially stronger and better able to withstand a financial shock.
主题Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w20099
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577773
推荐引用方式
GB/T 7714
Paul Bergin,Ling Feng,Ching-Yi Lin. Financial Frictions and Firm Dynamics. 2014.
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