We analyze shocks to productivity, collateral constraint (credit shock), firm operation, and labor disutility in a …. Compared to the productivity shock, the credit and the lockdown shocks generate larger changes in firm entry and exit. The … credit shock accounts for lower entry, higher exit, and concentration of exit among young firms during the Great Recession …

, and collateral constraint (credit shock) on firm exit. We find that only the credit shock increases firm exit. This result … output, employment, and firm debt during the Great Recession (2007-2009) in the United States, we find that the credit shock …