标题： 具有异质生产者的一般均衡模型中生产力和信贷约束对均衡总产出的（非单调）效应 显示英文标题

标题： (Non-Monotonic) Effects of Productivity and Credit Constraints on Equilibrium Aggregate Production in General Equilibrium Models with Heterogeneous Producers

摘要： 在一个市场经济中，总生产水平不仅依赖于总体变量，还依赖于个体特征的分布（例如，生产力、信用限额，...）。我们指出，由于金融摩擦，均衡的总生产可能在个体生产力和信用限额上都是非单调的。我们给出了这种现象发生的条件。因此，提高生产力或放松企业的信用限额不一定有利于经济发展。 显示英文摘要

摘要： In a market economy, the aggregate production level depends not only on the aggregate variables but also on the distribution of individual characteristics (e.g., productivity, credit limit, ...). We point out that, due to financial frictions, the equilibrium aggregate production may be non-monotonic in both individual productivity and credit limit. We provide conditions under which this phenomenon happens. By consequence, improving productivity or relaxing credit limit of firms may not necessarily be beneficial to economic development.