Anatomy of the Greek Depression with Firm-Level Data: The Importance of Demand Shocks
利用企业数据研究希腊经济衰退，发现年轻和小型企业销售下滑更严重，主要源于需求冲击，融资约束加剧了影响，这类企业贡献了约四分之一的总产出下降。
During the Greek Depression, which saw a 22 percent decline in output, young firms and small firms experienced significantly steeper declines in sales growth compared to their mature and larger counterparts. This disparity was largely driven by adverse demand shocks and was further intensified by financing constraints (FCs), with a significant interaction between these two factors amplifying the impact. Firm-level heterogeneity played a critical role in shaping macroeconomic outcomes, with the disproportionate impact on young firms and small firms accounting for approximately one-quarter of the total output decline during the crisis.