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Home > Publications > Federal Reserve Bank of St. Louis Review > March/April 2009
Firm Volatility and Credit: A Macroeconomic Analysis
by Leo Kaas
in Federal Reserve Bank of St. Louis Review, March/April 2009 Vol. 91, No. 2, pp. 95-106
This paper examines a tractable real business cycle model with idiosyncratic productivity shocks and binding credit constraints on entrepreneurs. The model shows how firm volatility increases in combination with credit market development.
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This abstract is reprinted here with permission from the Federal Reserve Bank of St. Louis: Yi Wen and Huabin Wu, "Dynamics of Externalities: A Second-Order Perspective," Federal Reserve Bank of St. Louis Review, May/June 2011, 93(3), pp. 187-205.
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