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overdrafts - to finance business activities. Controlling for financial and non-financial household variables we show that self … that overdrafts are used by self-employed to finance their business as well. This indicates that intermingling constitutes … a financing strategy when regular business loans might not be accessible. -- Small Business Finance ; Consumer Credit …
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During both the 2008 and the COVID crises, aggregate employment in Europe and the US fell despite continuing growth in the aggregate capital stock. Using more than one million firm-year observations of small and medium European firms between 2003 and 2018, this paper introduces new stylized...
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Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which...
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We analyze the pass-through of cost changes to retail tariffs in the German electricity market over the 2007 to 2014 period. We find an average pass-through rate of around 60%, which significantly varies with demand factors: while the pass-through rate to baseline tariffs, where firms have...
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