Intangible assets are a large and growing part of firms' capital stocks. Intangibles are
accumulated via investment—foregoing consumption today for output in the future—but they …

While the concept of innovation has become more and more important for societies to cope
with the great societal challenges, technological and economic innovation encounters …

Motivated by the recent rise of populism in Western democracies, we develop a tractable
equilibrium model in which a populist backlash emerges endogenously in a strong …

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 …

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 …

We explore the impact of investment‐specific technology (IST) shocks on the cross section of
stock returns. Using a structural model, we show that IST shocks have a differential effect on …

We examine empirically and theoretically the relation between firms' risk and distance to
consumers in a production network. We document two novel facts: firms farther away from …

Intangible assets are absent from traditional measures of firm value despite their growing
importance in firms' capital stocks. We propose a simple improvement to the classic Fama …

Average return differences among firms sorted on valuation ratios, past investment,
profitability, market beta, or idiosyncratic volatility are largely driven by differences in …