The Dynamic Effects of Firm-Level Borrowing Constraints
构建企业动态模型，分析金融约束和内生退出如何传导生产率冲击，发现约束抑制短期反应但股权积累和退出放大长期反应，且效果受企业环境影响。
In this paper, I develop a detailed dynamic model of firm behavior in order to see whether financial constraints and endogenous exit are important propagation mechanisms.To do this, I construct an economy where firms face financial constraints, fixed costs, and persistent idiosyncratic shocks. Using numerical methods, I analyzehowa large collection of these firmsresponds to aggregate productivity shocks. A common result is that financial constraints tend to dampen the economy's initial response to aggregate productivity shocks but equity accumulation and exit dynamics amplify the longer-term response. The relative sizes of these two effects, however, are sensitive to firms' environments.