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We sketch a framework for monitoring macroeconomic activity in real-time andpush it in new directions. In particular, we focus not only on real activity, which has received most attention to date, but...
Comments on ‘Does Monetary Policy Affect Real Economic Activity: Why Do We Still Ask This Question?’ by Benjamin Friedman.
An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions ac...
This paper evaluates the ináuence of Önancial development on the global operations of multinational Örms. Using detailed U.S. data, we provide evidence that host-country Önancial devel...
The increasing fragmentation of production across firm and country boundaries has transformed international trade over the last few decades. At the same time, cumulating evidence indicates that fi...
This paper provides firm-level evidence that credit constraints restrict international trade flows and affect the sectoral pattern of multinational activity. Using detailed customs data from China, ...
A financial friction is a wedge between the return received by providers of financial capital–ultimately, consumers–and the cost of capital paid by businesses and consumers who use capital. I study tw...
An emerging new literature brings unique ideas from corporate finance to the study of international trade and investment. Insights about differences in the development of financial institutions across...
We study how the availability of domestic credit influences the contribution that financing activities make to a firm's return on equity (ROE). Using a sample of 51,866 firms from 69 countries, we fin...
We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm-level data set in a broad sample of developed and devel...
The Top Runner Program, a new approach to enhancing the energy efficiency of appliances and vehicles, has been in-troduced in Japan. In this paper an empirical analysis of the impact of the program an...
We propose statistical tests to discriminate between the finite and infinite activity of jumps in a semimartingale discretely observed at high frequency. The two statistics allow for a symmetric treat...
We empirically study the trading activity in the electronic on-book segment and in the dealership off-book segment of the London Stock Exchange, investigating separately the trading of active market m...

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