within its assets, faces an associated intermediation cost and, via leverage, provides a risk-free asset to h …, making financial leverage state-dependent and counter-cyclical. We study how this mechanism endogenously channels … amplification of consumption and mitigation of output fluctuations. In equilibrium, financial sector leverage also determines …

model predicts the negative impact of inflation on real equity values is stronger for low leverage firms. We find empirical …

leverage makes a homeowner 10-12 percent less likely to become an entrepreneur. …

its gradual implementation, the ACE relief is estimated to reduce significantly leverage. By decreasing default risk it is …