higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly procyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …

higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly pro-cyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …

higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly procyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …

higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly pro-cyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …

higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly procyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …

emerges and that higher levels of leverage lead to a greater inequality among agents. When further analyzing the relationship … between leverage and balance sheets, we observe that decreasing credit frictions result in an increasingly procyclical … behavior of leverage, which is typical for investment banks. We show how decreasing credit frictions increase volatility but …

emerges and that higher levels of leverage lead to a greater inequality among agents. When further analyzing the relationship … between leverage and balance sheets, we observe that decreasing credit frictions result in an increasingly procyclical … behavior of leverage, which is typical for investment banks. We show how decreasing credit frictions increase volatility but …

-financial firms. In the model, risk shocks calibrated to micro data induce large and empirically-relevant fluctuations in leverage, a …