Entrepreneurship and Financial Frictions: A Macrodevelopment Perspective | Annual Reviews
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We estimate the impact of the COVID-19 crisis on business failures among small and
medium size enterprises (SMEs) in seventeen countries using a large representative firm …

We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

I study the role of firms' balance sheet liquidity in the transmission of monetary policy to
investment. In response to monetary contractions, US firms with fewer liquid asset holdings …

This paper surveys the theoretical and empirical literature on the macroeconomic
implications of financial imperfections. It focuses on two major channels through which …

We provide new evidence on how monetary policy affects investment and firm finance in the
United States and the United Kingdom. Younger firms paying no dividends exhibit the …

The US Great Recession featured a large decline in output and labor, tighter financial
conditions, and a large increase in firm growth dispersion. We build a model in which …

We study the effects of a credit crunch on consumer spending in a heterogeneous-agent
incomplete-market model. After an unexpected permanent tightening in consumers' …

We investigate the role of uncertainty in business cycles. First, we demonstrate that
microeconomic uncertainty rises sharply during recessions, including during the Great …

This paper uses new confidential Census data to revisit the relationship between firm size,
cyclicality, and financial frictions. First, we find that large firms (the top 1 percent by size) are …