Macro-finance analyses commonly link firms' borrowing constraints to the liquidation value
of physical assets. For US nonfinancial firms, we show that 20% of debt by value is based on …

We establish currency as an important factor sha** global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

In recent years, there has been a resurgence of research on the transmission of monetary
policy through the financial system, fueled in part by empirical findings showing that …

The financial crisis of 2007 to 2009 has given renewed impetus to the study of financial
frictions and their impact on macroeconomic activity. Economists have refined existing …

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 …

This article studies the transmission of financial shocks in a model where corporate credit is
intermediated via both banks and bond markets. In choosing between bank and bond …

We present a DSGE model where firms optimally choose among alternative instruments of
external finance. The model is used to explain the evolving composition of corporate debt …

This study applies the bootstrap panel Granger causality test to test whether insurance
activity promotes economic growth, using data from 10 OECD countries over the period of …

I use micro data to quantify key features of US firm financing. In particular, I establish that a
substantial 35 percent of firms' investment is funded using financial markets. I then construct …

We study how differences in the aggregate structure of corporate debt affect the transmission
of monetary policy in a panel of euro area countries. We find that standard policy tightening …