The rising number of so-called zombie firms, defined as firms that are unable to cover debt
servicing costs from current profits over an extended period, has attracted increasing …

Using firm-level data on listed non-financial companies in 14 advanced economies, we
document a rise in the share of zombie firms, defined as unprofitable firms with low stock …

This paper surveys the theoretical and empirical literature on the macroeconomic
implications of financial imperfections. It focuses on two major channels through which …

We show that “zombie credit”—subsidized credit to nonviable firms—has a disinflationary
effect. By keeping these firms afloat, zombie credit creates excess aggregate supply, thereby …

This paper surveys the literature on the linkages between asset prices and macroeconomic
outcomes. It focuses on three major questions. First, what are the basic theoretical linkages …

The resources sunk in zombie firms have risen over the last two decades, hampering
productivity growth in developed economies. In this paper, we examine the recovery and exit …

The article presents a novel dynamic setting to compare old—usury—and new—
cryptocurrency—money laundering techniques and uses it for calibration to shed light on …

Abstract The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing
our understanding of macrofinancial linkages, the two-way interactions between the real …

This paper revisits the macroeconomic effects of the large-scale asset purchase
programmes launched by the Federal Reserve and the Bank of England from 2008. Using a …

We study the macroeconomic effects of monetary policy during financial crises using a
Bayesian panel vector autoregressive (PVAR) model for 20 advanced economies. We …