This paper describes a new fact and then analyzes its implication for aggregate fluctuations: sticky-price firms o

We build a multi-sector spatial general equilibrium model that features heterogeneous firms and workers location choices to

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We show that firms collect more than 70% of their cash flow in the second half of the year We also find tha

In this paper, we argue that leasing is an important alternative way of capital reallocation We propose a broader measure of capital reallocation, which not only includes asset purchase and sale, but also considers lease Empirically, we show that the

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