Financial Frictions and Fluctuations in Volatility
نویسندگان
چکیده
منابع مشابه
Financial Frictions and Fluctuations in Volatility
During the recent U.S. financial crisis, the large decline in economic activity and credit was accompanied by a large increase in the dispersion of growth rates across firms. However, even though aggregate labor and output fell sharply during this period, labor productivity did not. These features motivate us to build a model in which increased volatility at the firm level generates a downturn ...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 2019
ISSN: 0022-3808,1537-534X
DOI: 10.1086/701792