Zombie Credit and (Dis-)Inflation: Evidence from Europe
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We show that cheap credit to impaired firms has a disinflationary effect. By helping distressed firms to stay afloat, zombie credit can create excess production capacity, and in turn, put downward pressure on markups and prices. We test this mechanism exploiting granular inflation and firm-level
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美国国家经济研究局创建时间：
2020-05-01
