Firm Dynamics and Financial Development

Cristina Arellano, Yan Bai, Jing Zhang

NBER Working Paper No. 15193
Issued in July 2009

---- Acknowledgements -----

We thank V. V. Chari, Chris House, Patrick Kehoe, Narayana Kocherlakota, Ed Prescott, Vincenzo Quadrini, and Richard Rogerson for useful comments and suggestions. We thank Jacek Rothert for excellent research assistance. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System or the National Bureau of Economic Research.

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