Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations
研究企业借贷受当前盈利约束的宏观影响，发现此类约束下投资冲击会扩大信贷，而抵押约束则相反，且供给冲击在价格粘性下更为重要。
Microeconomic evidence reveals a direct link between firms' current earnings and their access to debt. This paper studies macroeconomic implications of earnings-based borrowing constraints. In a macro model, firms with earnings-based constraints borrow more in response to positive investment shocks, whereas firms with collateral constraints borrow less. Empirically, aggregate and firm-level credit responds to identified investment shocks according to the predictions with earnings-based constraints. Moreover, with sticky prices, earnings-based constraints imply that supply shocks are quantitatively more important. This is validated in an estimated version of the model, highlighting the importance of carefully modeling credit constraints to understand policy trade-offs.