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Federal Reserve Bank of Richmond
Richmond Fed Economic Brief
The responses of small and large firms to tight credit shocks : the case of 2008 through the lens of Gertler and Gilchrist (1994)
Marianna Kudlyak
David A. Price
Juan M. Sanchez
Abstract

Do large firms and small firms behave differently when credit becomes more costly or harder to obtain? Past research has found that small firms are more likely to be credit-constrained and thus tend to be affected more negatively than large firms during such times. Recent findings from the 2007-2009 recession, however, raise questions about the roles of small and large firms during periods of tight credit


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Marianna Kudlyak & David A. Price & Juan M. Sanchez, "The responses of small and large firms to tight credit shocks : the case of 2008 through the lens of Gertler and Gilchrist (1994)" , Federal Reserve Bank of Richmond, Richmond Fed Economic Brief, issue Oct, 2010.
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Keywords: Business cycles ; Recessions
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