Data and Code for: Slow Debt, Deep Recessions
收藏ICPSR2021-01-01 更新2026-04-16 收录
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资源简介：
Business credit lags GDP growth by about one year. This contributes to high leverage during recessions and slow deleveraging. We show that a model in which firms use risky long-term debt replicates this slow adjustment of firm debt. In the model, slow-moving debt has important effects for real activity. High levels of firm debt issued during expansions are only gradually reduced during recessions. This generates an adverse feedback loop between high default rates and low investment and thereby amplifies the downturn. Sluggish deleveraging slows down the recovery.
提供机构：
Bonn University; Université de Montréal
创建时间：
2021-01-01
