The Role of Debt and Equity Finance over the Business Cycle Staff Working Paper 2006-45 Francisco Covas, Wouter den Haan The authors show that debt and equity issuance are procyclical for most listed U.S. firms. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Financial stability JEL Code(s): E, E3, G, G1, G3