Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/96644 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Working Paper No. 2013-06
Verlag: 
Federal Reserve Bank of Chicago, Chicago, IL
Zusammenfassung: 
We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a realistic firm size distribution. As entrepreneurial firms can grow only slowly and rely heavily on retained earnings to expand the size of their business in this set-up, we show that, by reducing entrepreneurial firm size and earnings, negative shocks have a very persistent effect on real activity. In determining the speed of recovery from an adverse economic shock, the most important factor is the extent to which the shock erodes entrepreneurial wealth.
Schlagwörter: 
Credit
Entrepreneurship - Econometric models
Dokumentart: 
Working Paper

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