Imperfections in the credit market can hamper the flow of factors from less productive to more productive firms and result in a lower aggregate total factor productivity (TFP). Depth of such misallocation will depend on per capita income, the level of imperfections in the credit market, and the distribution of entrepreneurial productivity. Under some parameter configurations, we find that per capita income and TFP may affect each other so that an economic boom may cause higher resource misallocation, lower TFP, and economic recession. At the same time, an economic recession may have a “cleansing effect” on TFP leading to a lower resource misallocation, higher TFP, and economic boom. In other words, economic success may breed the failure and the failure can become a precondition for success so that the boom-bust cycles in resource misallocation, TFP, and per capita income may become endogenous.

信贷市场的不完善会阻碍要素从生产率较低的公司流向生产率较高的公司，并导致总全要素生产率 (TFP) 降低。这种分配不当的程度将取决于人均收入、信贷市场的不完善程度以及企业家生产力的分布。在一些参数配置下，我们发现人均收入和全要素生产率可能相互影响，经济繁荣可能导致更高的资源错配、更低的全要素生产率和经济衰退。同时，经济衰退可能对全要素生产率产生“清洁效应”，导致资源错配降低、全要素生产率提高和经济繁荣。换句话说，经济上的成功可能会滋生失败，失败可以成为成功的先决条件，从而导致资源错配的繁荣-萧条循环，