• Revisiting the Narrative Approach of Estimating Tax Multipliers 

      Hebous, Shafik; Zimmermann, Tom (2015-03-01)
      "A number of recent studies regress a ""narratively"" identified measure of a macroeconomic shock directly on an outcome variable. In this note, we argue that this approach can be viewed as the reduced-form regression of ...
    • Risk Pooling, Leverage, and the Business Cycle 

      Dindo, Pietro; Modena, Andrea; Pelizzon, Loriana (2020-02-25)
      This paper studies the impact of financial sector size and leverage on business cycles and risk-free rates dynamics. We model a general equilibrium productive economy where financial intermediaries provide costly risk ...