"A kaleidoscopic account of the financial carnage of the pandemic, revealing the fear, grit, and gambles that drove the economy's winners and losers-from a leading Wall Street Journal reporter. The world's most powerful CEOs never saw it coming. In 2018, after a decade-long bull market, the CEO...

This paper tests the existence of strategic information complementarities as a source of sectoral comovement. A theoretical model derived in Veldkamp and Wolfers (2007) explains sectoral comovement by the assumption that firms rely too much on aggregate information to make output decisions. We...

We explore the implications of shocks to expected future productivity in a setting with limited enforcement of financial contracts. As in Lorenzoni andWalentin (2007) optimal financial contracts under limited enforcement imply that to obtain external finance firms have to post collateral in...