Anatomy of the Greek Depression with Firm-Level Data: The Importance of Demand Shocks

• 成果类型: Article
• 署名作者: Giannoulakis, Stelios; Sakellaris, Plutarchos
• 署名单位: Athens University of Economics & Business
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20220125
• 发表日期: 2026
• 关键词: business cycles; monetary-policy; JOB-CREATION; PRODUCTIVITY; BEHAVIOR; GROWTH; facts; LAW

摘要

During the Greek Depression, which saw a 22 percent decline in output, young firms and small firms experienced significantly steeper declines in sales growth compared to their mature and larger counterparts. This disparity was largely driven by adverse demand shocks and was further intensified by financing constraints (FCs), with a significant interaction between these two factors amplifying the impact. Firm-level heterogeneity played a critical role in shaping macroeconomic outcomes, with the disproportionate impact on young firms and small firms accounting for approximately one-quarter of the total output decline during the crisis. (JEL D22, E23, E32, E44, G32, L25)