Firms' Investment and the Real Transmission of the Global Financial Cycle -- by Caitlin Hegarty, Matias Moretti, Pablo Ottonello, Diego J. Perez

We thank Javier Bianchi, Laura Castillo-Martinez, Julian di Giovanni, Moritz Lenel, Matteo Maggiori, Andy Neumeyer, Felipe Saffie, Jesse Schreger, and seminar participants at various institutions for useful comments and suggestions. Alejandro Castillo and Zhe Ying Shen provided excellent research assistance. Hegarty acknowledges NSF funding through the Graduate Research Fellowship Program under grant number 1256260. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.