Why are some people wealthy while others are poor? To what extent can governments affect
inequality? Which instruments should they use? Answering these questions requires …

Entrepreneurship and Financial Frictions: A Macrodevelopment Perspective | Annual Reviews
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We study the effects of a credit crunch on consumer spending in a heterogeneous-agent
incomplete-market model. After an unexpected permanent tightening in consumers' …

Purpose This study aims to examine the comparative link between mobile money (MoMo)
and entrepreneurship in East Africa. Apart from analysing the data to examine locational …

This paper shows that employment in cohorts of US firms is strongly influenced by aggregate
conditions at the time of their entry. Employment fluctuations of startups are procyclical, they …

This paper studies how digital innovation affects small and medium-sized enterprises'
financial access and productivity growth in a currency union with an incomplete credit …

We take an off-the-shelf model with financial frictions and heterogeneity, and study the
mapping from a credit crunch, modeled as a shock to collateral constraints, to simple …

The effect of financing frictions on firm productivity growth is not well understood. Using a
model we show that a rise in financial frictions leads to increased sensitivity of productivity …

We study the leverage of US firms over their life-cycles, and the connection between firm
leverage, firm growth, and aggregate shocks. We construct a new dataset that combines …

The 2007-2009 recession is characterized by: a large drop in employment, an
unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I …