NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Credit, Bankruptcy, and Aggregate Fluctuations

Makoto Nakajima, José-Víctor Ríos-Rull

NBER Working Paper No. 20617
Issued in October 2014

---- Acknowledgments ----

Rios-Rull thanks the National Science Foundation for Grants SES-0079504, SES-0351451, and SES- 1156228. We have benefited from the comments of many people in the long and protracted story of this paper, especially those of Roberto Perotti, who discussed an earlier version of this paper. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Philadelphia, the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for José-Víctor Ríos-Rull ----

I thank the NSF for research support and the Federal Reserve Bank of Minneapolis.

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