Senior economist Julian Kozlowski's recent paper, "Long-Term Finance and Investment with Frictional Asset Markets" has been published in the October 2021 issue of American Economic Journal: Macroeconomics.
This paper studies the linkages between the maturity of corporate debt, the liquidity of financial markets, and the real economy. Kozlowski's research develops a theoretical and empirical framework to study the term structure of liquidity spreads and the interaction with maturity and investment choices of firms.
Full text of the article is available from the journal's website. The 2018 working paper is available on our site here.
follow @stlouisfed