Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/237511 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
IDB Working Paper Series No. IDB-WP-1254
Verlag: 
Inter-American Development Bank (IDB), Washington, DC
Zusammenfassung: 
We analyze shocks to productivity, collateral constraint (credit shock), firm operation, and labor disutility in a model of firm dynamics with entry and exit. Shocks to firm operation and labor disutility capture COVID-19 lockdowns. Compared to the productivity shock, the credit and the lockdown shocks generate larger changes in firm entry and exit. The credit shock accounts for lower entry, higher exit, and concentration of exit among young firms during the Great Recession. The lockdown shocks predict a large fall in entry and rise in exit followed by a sharp rebound. In both recessions, changes in entry and exit account for 10-20 percent of the fall in output and hours. Finally, we discuss how the modeling of potential entrants matters for the quantitative results.
Schlagwörter: 
Firm dynamics
Recession
COVID-19
General equilibrium model
Credit shock
Lockdown
JEL: 
D21
D22
E24
E32
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Dokumentart: 
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