Financial Intermediation, Investment Dynamics, and Business Cycle Fluctuations
利用微观数据量化美国企业融资特征，发现35%的投资通过金融市场融资；构建动态均衡模型，估计出中介利差的外生冲击解释了25%的GDP波动和30%的投资波动。
I use micro data to quantify key features of US firm financing. In particular, I establish that a substantial 35 percent of firms' investment is funded using financial markets. I then construct a dynamic equilibrium model that matches these features and fit the model to business cycle data using Bayesian methods. In the model, financial intermediaries enable trades of financial assets, directing funds toward investment opportunities, and charge an intermediation spread to cover their costs. According to the model estimation, exogenous shocks to the intermediation spread explain 25 percent of GDP and 30 percent of investment volatility.