Drawing on firm-level expectations at a one-year forecast horizon in the Survey of Business
Uncertainty (SBU), we construct novel, forward-looking reallocation measures for jobs and …

We provide a comprehensive empirical characterization of the linkages between key
macroeconomic and financial variables around business and financial cycles, for 21 OECD …

Credit market imperfections influence the labor market and aggregate economic activity. In
turn, macroeconomic factors have an impact on the credit sector. To assess these effects in a …

This paper reviews the literature on the informal economy, focusing first on empirical
findings and then on existing approaches to modeling informality within both partial and …

Recoveries that occur in the absence of credit growth are often dubbed miracles and named
after mythical creatures. Yet these are not rare animals, and are not always miracles. About …

Goods market frictions drastically change the dynamics of the labor market, both in terms of
persistence and volatility. In a model with three imperfect markets–goods, labor, and credit …

We use daily data on bank reserves and overnight interest rates to document a striking
pattern in the high-frequency behavior of the US market for federal funds: depository …

A growing empirical literature finds that the allocation of credit across firms is as important as
its total volume for economic performance. This paper investigates the process through …

We develop a business cycle model where endogenous firm creation stems from two credit
market frictions. First, entrepreneurs search for a lending relationship with a bank. Second …

What was hiding behind the aggregate commercial bank loans through the end of 2008? We
use balance sheet data for every insured US commercial bank from 1999: Q1 to 2008: Q4 to …