Aggregate Implications of a Credit Crunch: The Importance of Heterogeneity

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Capital Allocation and Productivity in South Europe (2017, methodology): “We do not adopt the convenient assumption in Moll (2014), Midrigan and Xu (2014), and Buera and Moll (2015) that exogenous shocks during period t+1 are known at the end of t before capital and borrowing decisions are made for t + 1.”