Francisco Covas

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Price-Level versus Inflation Targeting with Financial Market Imperfections

Staff Working Paper 2008-26 Francisco Covas, Yahong Zhang
This paper compares price-level-path targeting (PT) with inflation targeting (IT) in a sticky-price, dynamic, general equilibrium model augmented with imperfections in both the debt and equity markets.

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

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.

Uninsured Idiosyncratic Production Risk with Borrowing Constraints

Staff Working Paper 2005-26 Francisco Covas
The author analyzes a general-equilibrium model of a heterogeneous agents economy in which the agents are subject to borrowing constraints and uninsurable idiosyncratic production risk.

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