The Aggregate Consequences of Default Risk: Evidence from Firm-level Data
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https://www.nber.org/papers/w26686
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This paper studies the implications of perceived default risk for aggregate output and productivity. Using a model of credit contracts with moral hazard, we show that a firms probability of default is a sufficient statistic for capital allocation. The theoretical framework suggests an aggregate
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美国国家经济研究局创建时间：
2020-02-01
