While businesses require funding to start and grow, they also rely on human capital, which
affects how they raise funds. Labor market frictions make financing labor different than …

We follow a representative panel of US borrowers to study the suspension of household
debt payments (debt forbearance) during the COVID-19 pandemic. Between March and …

We assess the complicated reality of monetary policy transmission through mortgage
markets by synthesizing the existing literature on the role of refinancing in policy …

We exploit variation in mortgage modifications to disentangle the impact of reducing long-
term obligations with no change in short-term payments (“wealth”), and reducing short-term …

There is mixed evidence on whether the marginal dollar spent on corporate social
responsibility is due to agency problems. We propose an approach by modeling how the …

The fiscal policy response to the COVID‐19 crisis was swift and strong, in tandem with
monetary policy. Advanced economies (AEs) deployed a much larger fiscal response than …

We examine the ability of the government to impact mortgage refinancing activity and spur
consumption by focusing on the Home Affordable Refinance Program (HARP) that relaxed …

This paper studies how financial inclusion affects wealth accumulation. Exploiting the US
interstate branching deregulation between 1994 and 2005, we find that an exogenous …

In response to the severe economic shock induced by the COVID-19 pandemic, Congress
passed the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. Using …

We empirically establish that unemployed individuals maintain significant access to credit
and that upon a layoff, the unconstrained borrow while the constrained default and delever …