The relationship between monetary policy and firm dynamics

我考虑了由大公司主导的行业中金融摩擦的影响。为此，我借鉴了源自Ericson和Pakes（1995）的动态博弈文献，开发了一个寡头垄断企业在金融摩擦下竞争的完全动态模型。我表明，竞争对手面临的财务约束的存在，为不受约束的企业提供了竞争优势，这导致它们表现得咄咄逼人。通过对受约束的竞争对手施加较低的利润，不受约束的公司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。受约束的小型企业增长更慢，工业产出在总需求冲击后的复苏变得更持久。

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.