We study the response of stock prices to monetary policy, distinguishing the effects of exogenous policy actions from ``Delphic" actions that reveal the Federal Reserve's macroeconomic forecasts. To decompose composite monetary policy surprises into these separate components, we exploit...

This paper investigates the interplay between financial frictions, organizational innovation and managerial restructuring among Italian small and medium-sized enterprises during the Great Financial Crisis. Using firm-level data from the VIII UniCredit survey, we find that financial constraints...