The relationship between monetary policy and firm dynamics

我考虑了金融摩擦在大公司主导的行业中的影响。为此，我开发了一个完全动态的寡头企业在金融摩擦下竞争的模型，借鉴了埃里克森和帕克斯（1995）的动态博弈文献。我表明，竞争对手面临的财务约束的存在提供了一个不受约束的公司的竞争优势，这导致他们的行为积极。不受约束的公司通过降低受约束的竞争对手的利润，能够在未来获得市场份额。该理论产生了经验上可检验的预测。受限制的小企业增长更慢，总需求冲击后工业产出的恢复变得更加漫长。

I consider the implications of financial frictions in industries dominated by large firms. To this end, I develop a fully dynamic model of oligopolistic firms competing under financial frictions, drawing on the dynamic games literature originating with Ericson and Pakes (1995). I show that the presence of financial constraints facing a rival firm affords an unconstrained firm a competitive advantage, which leads them to behave aggressively. By inflicting lower profits on a constrained rival, the unconstrained firm is able to gain market share in the future. The theory generates empirically testable predictions. Small constrained firms grow more slowly and the recovery of industry output following an aggregate demand shock becomes more protracted.