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Macroeconomic Effects of Delayed Capital Liquidation

机译：延迟资本清算的宏观经济影响

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This paper studies the macroeconomic effects of capital reallocation with financial shocks. I develop a model in which firms face borrowing constraints, idiosyncratic productivity shocks, and idiosyncratic liquidation costs. The idiosyncratic risks of productivity and liquidation costs generate an option value of staying in business and a liquidation delay for unproductive firms. A new feature arises from the delay. Unproductive firms that are not liquidated increase their leverage over time, pushing them to hit the borrowing limit. I show that adverse financial shocks that tighten borrowing constraints can raise the option value, and equilibrium effects can further delay capital liquidation and reallocation. Capital is thus persistently misallocated, leading to long-lasting economic contractions.
机译：本文研究了宏观经济的影响资本再分配与金融冲击。开发一个模型,其中公司面临借贷限制,特殊生产力冲击,和特殊的清算费用。的生产力和的风险清算成本产生的选项值在商业和清算延迟非生产性企业。延迟。提高杠杆率随着时间的推移,推动他们触及债务上限。收紧借贷的金融冲击约束可以提高选项值,平衡的影响可以进一步推迟资本清算和重新分配。一直错配,导致长期的经济收缩。

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