Gourinchas, Pierre-Olivier; Kalemli-Ozcan, Sebnem; … - 2020
We estimate the impact of the COVID-19 crisis on business failures among small and medium-size enterprises (SMEs) in … measure each firm's liquidity shortfall during and after COVID-19. Our framework allows for a rich combination of sectoral and … aggregate supply, productivity, and demand shocks. We estimate a large increase in the failure rate of SMEs under COVID-19 of …