Essays in Macro-Finance
This thesis consists of three chapters on firm heterogeneity and the role of credit frictions and regulatory constraints. The first chapter highlights the role of a gender gap in credit access in distorting capital allocation across firms, which leads to an output loss of 4% for the US economy. The...
| Author: | |
|---|---|
| Format: | doctoral thesis |
| Status: | Published version |
| Publication Date: | 2024 |
| Country: | España |
| Institution: | CBUC, CESCA |
| Repository: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/693288 |
| Online Access: | http://hdl.handle.net/10803/693288 |
| Access Level: | Embargoed access |
| Keyword: | Macro-finance 33 |
| Summary: | This thesis consists of three chapters on firm heterogeneity and the role of credit frictions and regulatory constraints. The first chapter highlights the role of a gender gap in credit access in distorting capital allocation across firms, which leads to an output loss of 4% for the US economy. The second chapter examines corporate borrowing choice and its implications on firm activity. We document the wide usage of cash flow loans among the largest and smallest firms in the economy, the latter being in contrast to conventional wisdom that small firms are required to pledge collateral when they borrow. We further show that firms’ loan type choice correlate with their operating needs. We propose a firm dynamics model with a collateral cost to explain these facts. The third chapter proposes a theoretical model that formalizes why a long-lasting period of expansionary monetary policy may amplify banks’ incentives to rollover loans to unviable firms. |
|---|