to account for offshore investment and financing vehicles. We show that a parsimonious implementation of the model with …We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium … asset positions. We estimate this gravity equation using recently developed foreign investment data that have been restated …

We investigate how the level of corporate leverage affects firms' investment response to monetary policy shocks. Based … investment demand more strongly after a contractionary shock, the price of capital declines sharply, which incentivizes all firms … regardless of their leverage to invest relatively more, muting the aggregate decline of investment. We provide empirical evidence …