Credit crunches and credit allocation in a model of entrepreneurship
研究了信贷冲击对异质性创业企业的影响，发现负面冲击通过减少企业规模和留存收益，对实际经济活动产生持久影响，且恢复速度取决于冲击对创业财富的侵蚀程度。
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, 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.