External financing and the role of financial frictions over the business cycle: Measurement and theory

• 成果类型: Article
• 署名作者: Zetlin-Jones, Ariel; Shourideh, Ali
• 署名单位: Carnegie Mellon University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2017.08.001
• 发表日期: 2017
• 页码: 1-15
• 关键词: External financing; financial frictions; Financial shocks

摘要

Empirically, there is substantial cross-sectional variation in firms' use of external funds: roughly 80% of investment by privately held firms is financed externally, compared to 20% for publicly traded firms. In a model consistent with privately held and publicly traded firms' use of external funds, financial shocks generate only a modest response of output. This exercise casts doubt on the ability of financial shocks to generate significant economic fluctuations and emphasizes the role of non-financial linkages in understanding the importance of financial shocks. (C) 2017 Elsevier B.V. All rights reserved.