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The Firm Dynamics of Business Cycles. (2018). Raveendranathan, Gajendran ; Ayres, Joao.
In: Department of Economics Working Papers.
RePEc:mcm:deptwp:2018-16.

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  42. To summarize, both shocks decrease total employment through the extensive margin (lower firm entry and higher firm exit) rather than the intensive margin (lower firm employment size). Furthermore, the implications for the extensive margin are similar to those from a shock to the borrowing constraint. Hence, our conclusion that a credit shock was important during the 1980-82 and 2007-09 recessions is robust to these two alternative ways of modeling the shock.
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