Arbeitspapier
Credit crunches and credit allocation in a model of entrepreneurship
We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a realistic firm size distribution. As entrepreneurial firms can grow only slowly and rely heavily on retained earnings to expand the size of their business in this set-up, we show that, by reducing entrepreneurial firm size and earnings, negative shocks have a very persistent effect on real activity. In determining the speed of recovery from an adverse economic shock, the most important factor is the extent to which the shock erodes entrepreneurial wealth.
- Sprache
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Englisch
- Erschienen in
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Series: Working Paper ; No. 2013-06
- Klassifikation
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Wirtschaft
- Thema
-
Credit
Entrepreneurship - Econometric models
Kreditrationierung
Schock
Unternehmer
Fremdkapital
Finanzkrise
Wirtschaftliche Anpassung
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bassetto, Marco
Cagetti, Marco
De Nardi, Mariacristina
- Ereignis
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Veröffentlichung
- (wer)
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Federal Reserve Bank of Chicago
- (wo)
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Chicago, IL
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
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20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Bassetto, Marco
- Cagetti, Marco
- De Nardi, Mariacristina
- Federal Reserve Bank of Chicago
Entstanden
- 2013