We analyze the adoption of clean technology by heterogeneous firms subject to financing
constraints. We develop a model of investment with heterogeneous capital goods, which …

What is the effect of declining interest rates on the efficiency of resource allocation and
overall economic activity? We study this question in a setting in which entrepreneurs with …

Currently, green finance has attracted much attention, but the basic theory in this field is very
weak. According to the general principles of economics, due to the externality of pollution …

We examine how a fixed capital supply shortage affects firm investment. Using equipment
transaction–level data, we find pandemic-driven production disruptions significantly altered …

A large literature has studied optimal regulatory policy in macroeconomic models with asset-
based collateral constraints. A common conclusion is that agents 'over-borrow'and optimal …

While the COVID-19 pandemic had a large and asymmetric impact on firms, many countries
quickly enacted massive business rescue programs which are specifically targeted to …

This paper studies the cross-sectional dimension of Fisher's debt-deflation mechanism that
triggers Sudden Stop crises. Analyzing microdata from Mexico, we show that this dimension …

Leased capital accounts for about 20% of the total productive physical assets used by US
publicly listed firms, and this proportion is even higher among small and financially …

The operating lease accounts for a large fraction of firms' total productive physical capital
and it is important for firms' investment and real production. Empirical facts show that the …

We examine the desirability of granting “safe harbor” provisions to creditors of financial
intermediaries in sale-and-repurchase (repo) contracts. Exemption from an automatic stay in …