The Asymmetric Effects of Financial Frictions
研究发现经济变量在商业周期中呈现非对称波动，且在金融系统欠发达、摩擦较大的国家更明显；通过一个包含内生信息的学习模型，解释了破产成本如何放大负面冲击并延迟复苏。
Economic variables move asymmetrically over the business cycle: quickly during crises but slowly during recoveries. I show that this asymmetry is stronger in countries with less developed financial systems and greater financial frictions. Then I explain this fact using a learning model with endogenous information about economic conditions. Financial frictions, which I capture by higher bankruptcy costs, magnify the reaction of lending rates and economic activity to negative shocks and then delay their recovery by restricting information after the crisis. Empirical evidence and a quantitative exploration of the model show that this explanation is consistent with the data.