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The increasing fragmentation of production across firm and country boundaries has transformed international trade over the last few decades. At the same time, cumulating evidence indicates that fi...
A financial friction is a wedge between the return received by providers of financial capital–ultimately, consumersand the cost of capital paid by businesses and consumers who use capital. I study tw...
The financial crisis of 2007-9 has sparked keen interest in models of nancial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a ...
The financial crisis of 2007-9 has sparked keen interest in models of nancial frictions and their impact on macro activity. Most models share the feature that borrowers suffer a co...

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