Abstract

I study how a credit crunch affects output price dynamics. I build a unique micro-level data set that combines scanner-level prices and quantities with producer information, including the producer’s banking relationships, inventory, and cash holdings. I exploit the Lehman Brothers failure as a quasi-experiment and find that the firms facing a negative credit supply shock decrease their output prices approximately 15% more than their unaffected counterparts. I hypothesize that such firms reduce prices to liquidate inventory and generate additional cash flow from the product market. I find strong empirical support for this hypothesis: (i) the firms that face a negative bank shock temporarily decrease their prices and inventory and increase their market share and cash holdings relative to their counterparts, and (ii) this effect is stronger for the firms and sectors with a high initial inventory or small initial cash holdings.

中文翻译：

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信贷紧缩对产出价格动态的影响：公司库存和流动性管理渠道*

摘要

我研究信贷紧缩如何影响产出价格动态。我建立了一个独特的微观数据集，该数据集结合了扫描仪级别的价格和数量以及生产者信息，包括生产者的银行业务关系，库存和现金持有量。我将雷曼兄弟公司的失败作为准实验加以利用，发现面临负信贷供应冲击的公司的产出价格比未受影响的同行下降了约15％。我假设这些公司降低价格以清算库存并从产品市场产生额外的现金流量。我发现这一假设有很强的实证依据：（i）面对负面银行冲击的公司会暂时降低价格和库存，并相对于同业增加其市场份额和现金持有量，