We summarize and extend the new literature on the term structure of equity. Short-term
equity claims, or dividend strips, have higher average returns and Sharpe ratios than the …

The term structure of equity returns is downward-sloping: stocks with high cash flow duration
earn 1.10% per month lower returns than short-duration stocks in the cross-section. I create …

We examine the asset pricing implications of a production economy whose long‐term
growth prospects are endogenously determined by innovation and R&D. In equilibrium …

Unemployment is high when financial discounts are high. In recessions, the stock market
falls and all types of investment fall, including employers' investment in job creation. The …

We study the impact of labor market frictions on asset prices. In the cross section of US firms,
a 10 percentage point increase in the firm's hiring rate is associated with a 1.5 percentage …

We provide a critical review of macroeconomic models used for monetary policy at central
banks from a finance perspective. We review the history of monetary policy modeling, survey …

The relative size and inflexibility of labor expenses lead to a form of operating leverage,
which we call labor leverage. We derive a set of conditions for the existence of labor …

Using the first reported case of COVID-19 in a given US county as the event day, we find that
firms headquartered in an affected county experience, on average, a 27-bps lower return in …

The examination of the intertemporal distribution of US productivity risk suggests that the
conditional mean of productivity growth is an important determinant of macro quantities and …

Previous studies have identified a negative relation between firms' hiring rates and future
stock returns in the cross-section. We document that this relation is significantly steeper in …