18 juin 2012, 17h00–18h30
Toulouse
Salle MF 323
Political Economy Seminar
Résumé
We study the effects of credit shocks in a model with heterogeneous entrepreneurs, financing constraints, and a realistic firm size distribution. As entrepreneurial firms can grow only slowly in this set-up, we show that, by reducing entrepreneurial firm size, negative shocks have a very persistent effect on real activity.