Replication data for: Macroeconomic Effects of Financial Shocks

Urban Jermann & Vincenzo Quadrini
We document the cyclical properties of US firms' financial flows and show that equity payout is procyclical and debt payout is countercyclical. We then develop a model with debt and equity financing to explore how the dynamics of real and financial variables are affected by \"financial shocks.\" We find that financial shocks contributed significantly to the observed dynamics of real and financial variables. The recent events in the financial sector show up as a tightening...
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