Anatomy of the Greek Depression with Firm-Level Data: The Importance of Demand Shocks
American Economic Journal: Macroeconomics · 2025 · Stelios Giannoulakis、Plutarchos Sakellaris
中文摘要
在希腊大萧条期间，产出下降了22%，与成熟企业和大型企业相比，年轻企业和小型企业的销售增长率下降幅度显著更大。这一差距在很大程度上由不利的需求冲击所驱动，并因融资约束（FCs）而进一步加剧，这两个因素之间显著的交互作用放大了其影响。企业层面的异质性在塑造宏观经济结果方面发挥了关键作用，年轻企业和小型企业受到的不成比例的影响约占危机期间总产出下降的四分之一。（JEL D22, E23, E32, E44, G32, L25）
Abstract
During the Greek Depression, which saw a 22 percent decline in output, young firms and small firms experienced significantly steeper declines in sales growth compared to their mature and larger counterparts. This disparity was largely driven by adverse demand shocks and was further intensified by financing constraints (FCs), with a significant interaction between these two factors amplifying the impact. Firm-level heterogeneity played a critical role in shaping macroeconomic outcomes, with the disproportionate impact on young firms and small firms accounting for approximately one-quarter of the total output decline during the crisis. (JEL D22, E23, E32, E44, G32, L25)