This paper studies the long-run effects of credit market disruptions on real firm outcomes and how these effects depend on nominal wage rigidities at the firm level. I trace out the long-run investment and growth trajectories of firms which are more adversely affected by a transitory shock to...

I study the long-run effects of credit market disruptions on real firm outcomes and how these effects depend on nominal wage rigidity at the firm level. Exploiting variation in firms' refinancing needs during the global financial crisis, I trace out firms' investment and growth trajectories in...

Nous proposons une premi ere tentative pour prendre en compte les engagements hors-bilan de l' Etat li es a l'assurance implicite des banques syst emiques dans une evaluation coh erente de la soutenabilit e budg etaire, pour 27 pays de l'Union europ eenne. Nous calculons d'abord des ecarts de...