Consumption Risk Sharing over the Business Cycle: The Role of Small Firms' Access to Credit Markets
研究发现美国各州间的消费风险分担在经济繁荣时增强、衰退时减弱，这种波动主要由小企业占比高的州驱动；1980年代的银行放松管制改善了小企业信贷准入，从而在衰退期显著提升了风险分担水平。
Consumption risk sharing among U.S. states increases in booms and decreases in recessions. These business cycle fluctuations in interstate risk sharing are driven mainly by states in which small businesses account for a large share of income or employment. State-level banking deregulation during the 1980s loosened the dependence of interstate risk sharing on the business cycle, mainly through its impact on states with many small firms. Our results establish a major benefit from bank deregulation: small firms' access to credit and, with it, interstate risk sharing have improved mainly when it is most urgently needed: in nationwide economic downturns. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.