Ayres, Joao; Raveendranathan, Gajendran - 2021
model of firm dynamics with entry and exit. Shocks to firm operation and labor disutility capture COVID-19 lockdowns …. 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 …