shock (demand shock, access-to-finance shock, "availability of supplies" shock), but differs according to the direction of … the shock (positive or negative), its size and persistence. In 2010-13, firms responding to negative shocks were most … likely to reduce employment, then hourly wages and then hours worked, regardless of the source of the shock. Results for the …

firm level investment and high-frequency identified monetary policy shocks. We show that the reaction of firms' investment … to a monetary policy shock is heterogeneous along dimensions that correspond to the two main channels of monetary policy …

This paper analyses the implications of corporate indebtedness for investment following large economic shocks. The … suggest that investment of high-debt firms is significantly depressed for an extended period in the aftermath of economic … crises. In the four years after a negative economic shock, the cumulative loss of capital of high-debt firms is around 15 …

) preference shocks ("savings glutʺ hypothesis), and (iii) investment shocks ("investment droughtʺ hypothesis). In order to … imbalances and financial market prices. We find that savings shocks and investment shocks explain less of the variation. Hence, a …

heterogeneous firms and financial frictions. In the model, firms with a high return to capital increase their investment more …