We develop a model of equilibrium entry, trade, and price formation in over-the- counter (OTC) markets. Banks trade derivatives to share an aggregate risk subject to two trading frictions: they must pay a fixed entry cost, and they must limit the size of the positions taken by their traders...

We document four facts about the COVID-19 pandemic worldwide relevant for those studying the impact of non-pharmaceutical interventions (NPIs) on COVID-19 transmission. First: across all countries and U.S. states that we study, the growth rates of daily deaths from COVID-19 fell from a wide...

The Chen, Karabarbounis and Neiman (CKN) paper provides interesting global evidence regarding the financing of corporations, and the distribution of aggregate saving between the corporate and household sectors worldwide. To execute their study on global corporate saving, the authors must map the...