I study the role of firms' balance sheet liquidity in the transmission of monetary policy to
investment. In response to monetary contractions, US firms with fewer liquid asset holdings …

We study the cyclical implications of credit market imperfections in a quantitative dynamic,
stochastic general equilibrium model wherein firms face persistent shocks to aggregate and …

Financing constraints are important to triggering controlling shareholders' share pledges.
However, the related literature faces two major challenges: the endogeneity problem and …

To what extent firms are constrained by external credit is usually unobserved in commonly
used firm-level data. We use a survey of financing among Canadian small and medium …

The key ideas for adding financial market frictions in general equilibrium models are not new
in macroeconomics. However, it is only with the recent crisis that the profession has fully …

The 2007-2009 recession is characterized by: a large drop in employment, an
unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I …

This paper studies how the assignment of patents as collateral determines the savings of
firms and magnifies the effect of innovative rents on investment in research and …

How should the government support small and medium‐sized enterprises amid a pandemic
crisis while balancing the trade‐off between short‐run stabilization and long‐run allocative …

Low investment rates are a puzzling phenomenon particularly in transition economies with
an urgent need for modernisation. The literature offers two alternative explanations …

This paper studies the macroeconomic effects of capital reallocation with financial shocks. I
develop a model in which firms face borrowing constraints, idiosyncratic productivity shocks …