Lin Shao

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Lin Shao

International Economic Analysis

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

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Aggregate Fluctuations and the Role of Trade Credit

Staff Working Paper 2017-37 Lin Shao
In an economy where production takes place in multiple stages and is subject to financial frictions, how firms finance intermediate inputs matters for aggregate outcomes. This paper focuses on trade credit—the lending and borrowing of input goods between firms—and quantifies its aggregate impacts during the Great Recession.

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