English, Article, Journal or magazine article edition: The Dynamic Effects of Firm Level Borrowing Constraints John Bailey Jones

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Bookmark: http://trove.nla.gov.au/version/137642
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Dynamic Effects of Firm Level Borrowing Constraints
Author
  • John Bailey Jones
Physical Description
  • preprint
Notes
  • The purpose of this paper is to develop a detailed dynamic model of firm behavior in order to see whether financial constraints are important propagation mechanisms. In addition, I consider whether the environments of individual firms affect the way in which financial constraints operate at the aggregate level. To do this, I develop a model of a firm that faces finance constraints, fixed costs and persistent idiosyncratic shocks. I find that persistent shocks can drive firms with similar financial endowments to adopt radically different financial policies. At the aggregate level, I find that financial constraints can affect the volatility and persistence of output, but that the sizes and even the directions of these effects are sensitive to firms' environments.
  • RePEc:nya:albaec:00-02
  • RePEc:wop:snyaec:00-02
Language
  • English
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