We study the relationship between financial slack and employment formalization by exploiting heterogeneity in industry-level financial dependence in the spirit of Rajan and Zingales (1998). We use this heterogeneity along with time-series variation in aggregate credit to determine industry level...

We study the relationship between financial constraints and employment formalization by exploiting heterogeneity in the industry-level degree of financial dependence, in the spirit of Rajan and Zingales (1998). This dependence, and variation in aggregate credit, lets us measure industry-level...

We study the relationship between establishments' size and the availability of finance. We test whether size growth can be traced to financial slack and firms distance from optimal size. We use the size of US establishments by industry as a benchmark of 'optimal' size. We measure an industry's...

This paper evaluates the influence of central bank's projections and narrative signals provided in the summaries of its Inflation Report on the expectations of professional forecasters for inflation and GDP growth in the case of Mexico. We use the Latent Dirichlet Allocation model, a textmining...