The TFP Channel of Credit Supply Shocks

• 成果类型: Article
• 署名作者: Ben Zeev, Nadav
• 署名单位: Ben-Gurion University of the Negev
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01035
• 发表日期: 2023-03
• 页码: 425-441
• 关键词: business-cycle; PRODUCTIVITY; misallocation; fluctuations; frictions; spreads; finance; IMPACT; crunch; RISK

摘要

Recent work stresses a potentially important relation between credit supply shocks and aggregate TFP based on factor misallocation. I take three steps to examine this relation. First, using state-of-the-art credit supply shock and aggregate TFP measures, I show that an adverse credit supply shock has a weak and very short-lived effect on aggregate TFP. Second, using firm-level data, I show that firm-level capital stock responses to an adverse credit supply shock produce an insignificant and negligible capital-misallocation-induced TFP response. Third, using employment data by fine firm-size category classification, I also find a negligible labor-misallocation-induced TFP response. These findings suggest that the TFP channel of credit supply shocks has a limited role in their transmission to the real economy.