Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification
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We provide empirical evidence of the causal effects of changes in financial intermediaries' net worth in the aggregate economy. Our strategy identifies financial shocks as high-frequency changes in the market value of intermediaries' net worth in a narrow window around their earnings announcements,
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美国国家经济研究局创建时间：
2022-01-01
