cash vary substantially with a firm’s size and the conditions it faces. Cash holdings matter most for small firms: when … there are negative shocks to industry or macroeconomic conditions, a small firm’s cash holdings are positively associated … with changes in its sales and assets. Cash is less important for other conditions. Differences in the benefits of cash …

to exhibit cash flow sensitivity while unbanked firms are not. Second, using structural maximum likelihood estimation, we …, whereas single-banked firms have a financial structure which is more limited, as in an exogenously imposed traditional debt …

We study the cyclical fluctuations of leverage and assets of financial intermediaries and GDP in the United States …. Leverage and assets are several times more volatile than GDP, and experience larger fluctuations for unregulated (‘shadow …’) intermediaries than for regulated ones. While the leverage of regulated intermediaries is rather acyclical with respect to their …

We study simple fiscal rules for stabilizing the government debt level in response to asymmetric demand shocks in a … country that belongs to a currency union. We compare debt stabilization through tax rate adjustments with debt stabilization … implications of several different fiscal rules that all achieve the same reduction in the standard deviation of the public debt. In …