This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the … productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms. …

structurally estimate the key parameters of our model to construct counterfactual size, productivity and welfare distributions …

This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of … credit across firms with heterogeneous productivity. Further, we find that these losses accounted for over half of the … productivity fall between 2008 and 2009, and persisted for smaller (although not larger) firms. …

structurally estimate the key parameters of our model to construct counterfactual size, productivity and welfare distributions … a lesser extent large firms) and the main winners are small firms. -- firm size ; productivity ; labor regulation …

structurally estimate the key parameters of our model to construct counterfactual size, productivity and welfare distributions …

structurally estimate the key parameters of our model to construct counterfactual size, productivity and welfare distributions …

reductions resulted in increases in firm exit, so our findings may be consistent with redistribution of quasi-rents towards low …