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This paper studies the long-run effects of credit market disruptions on real firm outcomes and how these effects depend on nominal wage rigidities at the firm level. I trace out the long-run investment and growth trajectories of firms which are more adversely affected by a transitory shock to aggregate credit supply. Affected firms exhibit a temporary investment gap for two years following the shock, resulting in a persistent accumulated growth gap. I show that affected firms with a higher degree of wage rigidity exhibit a steeper drop in investment and grow more slowly than affected firms with more flexible wages.
Inhalt
1. Strauß, Johann (Vater:/Sr.) (* 14.3.1804 – † 25.9.1849) [3]
2. Strauß, Johann (Sohn:/Jr.) (* 25.10.1825 – † 3.6.1899) [6]
3. Die Operetten-Adaptionen [12]
3.1 Die Fledermaus (Operette in 3 Akten, Johann Strauß, Sohn) :/:/ UA: 5.4.1874 [12]
3.2 Eine Nacht in Venedig (Operette in 3 Akten, Johann Strauß, Sohn) :/:/ UA: 3.10.1883 [17]
3.3 Der Zigeunerbaron (Operette in 3 Akten, Johann Strauß, Sohn) :/:/ UA: 24.10.1885 [18]
3.4 Wiener Blut (Johann Strauß, Sohn) :/:/ UA: 25.10.1899 [19]
3.5 Frühlingsluft (Jose. Strauß) :/:/ UA: 9.5.1903 [
Les Blank
(2017)
I propose a dynamic stochastic general equilibrium model in which the leverage of borrowers as well as banks and housing finance play a crucial role in the model dynamics. The model is used to evaluate the relative effectiveness of a policy to inject capital into banks versus a policy to relieve households of mortgage debt. In normal times, when the economy is near the steady state and policy rates are set according to a Taylor-type rule, capital injections to banks are more effective in stimulating the economy in the long-run. However, in the middle of a housing debt crisis, when households are highly leveraged, the short-run output effects of the debt relief are more substantial. When the zero lower bound (ZLB) is additionally considered, the debt relief policy can be much more powerful in boosting the economy both in the short-run and in the longrun. Moreover, the output effects of the debt relief become increasingly larger, the longer the ZLB is binding.