Credit Supply Shocks and Prices: Evidence from Danish Firms
研究了信贷供给减少如何影响企业产出价格，利用丹麦企业与银行间的贷款数据，发现受冲击企业将价格提高3-5%，以在外部流动性枯竭时增加现金。
We study the response of firms’ output prices to a cut in credit supply. We combine data on loans between Danish firms and banks with survey-based producer prices and transaction-based export unit values. Exploiting banks’ heterogeneous exposure to the global financial crisis, we show that loans to firms with relationships to exposed banks drop and lending rates increase. In response, firms raise prices by 3–5 percent. This effect is decreasing in the elasticity of firms’ demand but positive for most industrial production. Our results show that firms increase prices to raise cash when external sources of liquidity dry up.