To measure the real effects of credit-supply disruptions during financial crises, we develop a quantitative model of firm investment and debt that features firm heterogeneity and financial frictions. We apply this framework to a novel, census-type panel dataset for manufacturing firms and find...

Using a large dataset of Greek firms over the period 1998-2014, we investigate the excess sensitivity of small and young firms to the Greek financial crisis, along with the potential sources and aggregate implications. Controlling for size effects, the decline in sales growth rate during the...

How do firm-specific shocks contribute to large economic downturns associated with financial crises? Using a large and representative dataset on Greek firms covering all sectors of the economy over the period 2000-2014, we find that the contribution of firm-specific shocks to the volatility of...