discouraged entrepreneurship and family ownership of businesses in favor of institutional ownership. Credit market regulations …, the national pension system, employment security laws and centralized wage setting in Sweden reinforced the distortionary … neutral set of policies and institutions, Sweden's employment distribution is sharply tilted away from lower wage industries …

classes of firms to monetary policy. Our goal is to take a step toward quantifying the role of credit market imperfections in … interpret these results as suggestive of the macroeconomic relevance of credit market imperfections …

are usually preceded by credit booms. Second, credit booms often do not result in a crisis. That is, there are "good …

official beginning of the recession in the fourth quarter of 2007. Similarly, counties with the highest reliance on credit card … statistical model shows that household leverage growth and dependence on credit card borrowing as of 2006 explain a large fraction …

This paper is a theoretical study into how credit constraints interact with aggregate economic activity over the … not only factors of production, but they also serve as collateral for loans. Borrowers' credit limits are affected by the … prices of the collateralized assets. And at the same time, these prices are affected by the size of the credit limits. The …