Credit constraints and firms' decisions: Lessons from the COVID-19 outbreak

被引：4

作者：

Balduzzi, Pierluigi ^{[1
]}

Brancati, Emanuele ^{[2
,3
]}

Brianti, Marco ^{[4
]}

Schiantarelli, Fabio ^{[1
,3
,5
]}

机构：

[1] Boston Coll, Chestnut Hill, MA 02467 USA

[2] Sapienza Univ, Rome, Italy

[3] IZA, Dortmund, Germany

[4] Univ Alberta, Edmonton, AB, Canada

[5] Boston Coll, Econ Dept, 140 Commonwealth Ave, Chestnut Hill, MA 02467 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2024年 / 142卷

关键词：

Firms; Credit constraints; Expectations; Plans; Prices; MATCHING ESTIMATORS; MARKET IMPERFECTIONS; CYCLICAL BEHAVIOR; EXPECTATIONS; VARIABLES; SELECTION; NETWORKS; BIAS;

D O I：

10.1016/j.jmoneco.2023.09.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using novel survey data on Italian firms' expectations, collected just before and after the beginning of the COVID-19 outbreak, we investigate the role of credit constraints in the transmission of adverse economic shocks. Our results show that credit -constrained firms plan to charge higher prices than unconstrained ones while expecting a larger fall in quantities. When we consider realized outcomes, however, these differences are less pronounced. This evidence is consistent with the credit programs implemented during the crisis being largely unanticipated at its outbreak and benefiting constrained firms relatively more.

引用

页数：16

共 36 条

[1] Large sample properties of matching estimators for average treatment effects [J].