I study the aggregate implications of micro-level lumpy investment in a model consistent with
the empirical dynamics of the real interest rate. The elasticity of aggregate investment with …

We document and quantify the effect of a gender gap in credit access on both
entrepreneurship and input misallocation in the US. Female entrepreneurs are found to be …

In structural models of investment with real and financial frictions to capital accumulation, the
distribution of capital across firms is well-known to affect the sensitivity of partial equilibrium …

Intangible capital, which includes investments in research and development, and intellectual
property product, has risen dramatically in the last decades, however little is known about its …

The data show that, upon being hit by adverse profitability shocks, large public firms have
ample latitude to divest their least productive assets, reducing the risk faced by shareholders …

We document that an interest rate cut reshapes the distribution of investment rates.
Specifically, expansionary monetary policy leads to fewer small and zero investment rates …

This paper studies the impact of foreign ownership on the wage skill premium by
endogenzing skill biased technological change with intangible skill complementarity in …

Investment rates of young or small firms are more sensitive to monetary policy shocks.
Conventional perspective views these findings as supporting the financial accelerator …

Using the workweek of capital as a measure of capital utilization, we empirically test whether
news shocks actually increase capital utilization. To this end, by estimating a panel VAR on …