Firm entry and exit during recessions

We analyze aggregate shocks in a general equilibrium model of firm dynamics with entry and exit and financial frictions. Compared to the productivity shock, a shock to the collateral constraint (credit shock) generates a larger change in firm entry and exit. Calibrating the credit and productivity shocks to the Great Recession, we find that the credit shock accounts for lower entry, higher exit, and the concentration of exit among young firms during the Great Recession. The changes in entry and exit account for 19 and 24 percent of the fall in output and hours, respectively. Furthermore, we discuss how the modeling of potential entrants matters for the quantitative results, and perform a COVID-19 lockdown experiment. © 2021 Elsevier Inc.

Firm entry and exit during recessions

We analyze aggregate shocks in a general equilibrium model of firm dynamics with entry and exit and financial frictions. Compared to the productivity shock, a shock to the collateral constraint (credit shock) generates a larger change in firm entry and exit. Calibrating the credit and productivity shocks to the Great Recession, we find that the credit shock accounts for lower entry, higher exit, and the concentration of exit among young firms during the Great Recession. The changes in entry and exit account for 19 and 24 percent of the fall in output and hours, respectively. Furthermore, we discuss how the modeling of potential entrants matters for the quantitative results, and perform a COVID-19 lockdown experiment. © 2021 Elsevier Inc.

3D-printed N95 equivalent for personal protective equipment shortages: The Kansas City Mask

Personal protective equipment (PPE) shortages represent a persistent and critical challenge during the COVID-19 pandemic. Communities of 3D printing hobbyists and experts responded by designing and producing homemade, 3D-printed PPE. This report discusses the design, manufacturing and validation of the Kansas City Mask (KC Mask). Once printed and assembled, masks were fit tested at Truman Medical Center in Kansas City, MO. The KC Mask was approved for use by pandemic response administration staff at the hospital. Fortunately, due to adequate PPE supply at the time of this publication, wide utilization of the KC mask has not been required. The authors endorse the KC Mask as a stopgap measure, proven to be effective in situations of critical PPE shortage based on Centers for Disease Control and Prevention (CDC) guidelines.

3D-printed snorkel mask adapter for failed N95 fit tests and personal protective equipment shortages

Personal protective equipment (PPE) shortages persist amidst increasing COVID-19 caseloads. These shortages encouraged some to pursue 3D printing to produce stopgap N95 alternatives. The design presented is an adapter for a commercially available snorkel mask to serve as a full-face respirator, used in dire PPE shortages or in individuals who failed fit testing. Masks were fit tested at The University of Kansas Health System in Kansas City, KS. The mask was fit tested on 22 individuals who previously failed fit testing, and all passed qualitative fit testing with the snorkel mask, adapter and viral filter apparatus. The authors endorse this design as a stopgap measure, proven to be effective in situations of dire PPE shortage or for individuals who have failed fit testing with conventional PPE.