We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to short-term investments within firms, allowing for firm-times-year fixed effects. Using Spanish firm-level data, we estimate the credit crunch to be equivalent to an additional tax rate of around 11% on the longest-lived capital. To pin down credit constraints as the underlying cause, we apply triple-differences strategies using foreign ownership or precrisis debt maturity.

中文翻译：

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生存另一天：利用投资构成的变化来衡量信贷约束的成本

我们引入了一种新颖的经验策略来衡量信贷冲击的规模。从理论上讲，我们表明信贷冲击降低了长期投资相对于短期投资的价值。因此，从经验上讲，我们可以比较企业内部长期投资与短期投资的减少量，从而得出企业时间年份的固定效应。使用西班牙公司的数据，我们估计信贷紧缩相当于寿命最长的资本的大约11％的额外税率。为了确定信贷约束的根本原因，我们运用外资拥有或危机前债务到期的三差策略。