reveal that higher margins have a much stronger negative relation to subsequent volatility in bull markets than in bear …

leverage of the financial sector is two and a half times that of the goods-producers in the BGG model. This causes a much more …

This paper explores the link between the leverage of the US financial sector, of households and of non …-financial businesses, and real activity. We document that leverage is negatively correlated with the future growth of real activity, and … positively linked to the conditional volatility of future real activity and of equity returns. The joint information in sectoral …

This Paper provides a sufficient condition for the existence and uniqueness of equilibrium in monotone pure strategies … response correspondence is a contraction mapping. This ensures equilibrium existence and uniqueness. Our approach allows us to … establish these results in a wide range of applications, including cases where there are no existing existence results. …

is most useful for forecasting. We show that the asymmetry embodied in commonly used nonlinear transformations of the …

in economic activity, while price responses display no sizeable asymmetry. To rationalize these facts we develop a …