The macroeconomic consequences of subsistence self-employment
研究了在生存型自雇普遍存在的环境中，信贷供给扩张的总体效应。通过扩展标准宏观发展模型纳入失业风险，发现总产出对信贷扩张的弹性与个人收入弹性成正比，且这一关系源于生存型自雇对工资的一般均衡效应减弱。
We evaluate the aggregate effects of expansions of credit supply in environments where subsistence self-employment is prevalent. We extend a standard macro development model to include unemployment risk, which becomes a key driver of selection into self-employment. The model is consistent with the joint distribution of earnings and occupations, the reaction of wages to labor demand shocks, and the small effects of expansions in the supply of microloans on the earnings of the self-employed. We find that the elasticity of aggregate output to expansions in credit supply is proportional to the elasticity of individual earnings. This proportionality arises due to the muted effects of wages in general equilibrium in the presence of subsistence self-employment, and is not present in models without subsistence self-employment due to a larger wage response, and a larger crowding-out of private savings in response to a higher availability of credit.