Co-authors: David Newton (University of Bath), Steven Ongena (University of Zurich) and Ru Xie (University of Bath) Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms...

A mixed-frequency semi-structural model is used for estimating unobservable quantities such as the output gap, the Phillips curve and the NAIRU in real time. We consider two specifications: in one the output gap is observed as the official CBO measure, in the other is unobserved and derived via...

Co-authors: Domenico Giannone (Amazon.com) and Anna Kovner (Federal Reserve Bank of New York) We study the relationship between bank capital ratios and the distribution of future real GDP growth. Growth in the aggregate bank capital ratio corresponds to a smaller left tail of GDP—smaller...