Credit Constraints, Cyclical Fiscal Policy and Industry Growth

Philippe Aghion, David Hemous, Enisse Kharroubi

NBER Working Paper No. 15119
Issued in June 2009

---- Acknowledgements -----

We thank, Roel Beetsma, Andrea Caggese, Olivier Jeanne, Ashoka Mody, Philippe Moutot, and participants at CEPR Fondation Banque de France Conference (Nov. 2007), IMF Conference on Structural Reforms (Feb. 2008), CEPR-CREI Conference on Growth, Finance and the Structure of the Economy (May 2008), SED 2008 Summer Meetings (July 2008), ECFIN conference on the quality of public finance and growth (November 2008), CEPR 2009 ESSIM (May 2009). The views expressed here are those of the authors and do not necessarily reflect the views of Banque de France or the National Bureau of Economic Research.

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