Cyclical Behavior of Debt and Equity Using a Panel of Canadian Firms Staff Working Paper 2007-44 Francisco Covas, Wouter den Haan We document the cyclical behavior of debt, equity, and retained earnings for different firm categories using firm-level Canadian data. Content Type(s): Staff Research, Staff Working Papers Topic(s): Business fluctuations and cycles JEL Code(s): E, E3, E32, G, G3, G32