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Cited by 322

The DOI matches its Crossref record; 48 of the 48 references it cites were found in a registry or an index.

Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity

Khan, Aubhik, Thomas, Julia K.·2013·Journal of Political Economy
DOI 10.1086/674142
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Abstract

We study the cyclical implications of credit market imperfections in a quantitative dynamic, stochastic general equilibrium model wherein firms face persistent shocks to aggregate and individual productivity. In our model economy, optimal capital reallocation is distorted by two frictions: collateralized borrowing and partial investment irreversibility. We find that a negative shock to borrowing conditions can, on its own, generate a large and persistent recession through disruptions to the distribution of capital. This recession, and the subsequent recovery, is distinguished both quantitatively and qualitatively from that driven by an exogenous shock to total factor productivity.

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Metadata

Authors
Khan, A., & Thomas, J. K.
Venue
Journal of Political Economy
Publisher
University of Chicago Press
Published
2013-12
Volume
121
Issue
6
Pages
1055-1107
ISSN
  • 0022-3808 (ISSN-L)
  • 1537-534X
DOI
10.1086/674142
OpenAlex
W3096447669
Cited by
322
References
48
FWCI
53.53
Type
journal article
Language
en
Open access
closed

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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