NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Asymmetric Effects of Financial Frictions

Guillermo Ordoñez

NBER Working Paper No. 18360
Issued in September 2012

---- Acknowledgements -----

I especially thank Andy Atkeson, David K. Levine and Rob Shimer for excellent suggestions to improve the paper, Tommaso Porzio for outstanding research assistance, and Juan Manuel Licari and Nick Bloom for sharing data. For their comments, I also thank Ariel Burstein, V.V. Chari, Steve Durlauf, Christian Hellwig, Narayana Kocherlakota, David Lagakos, Hanno Lustig, Cesar Serra, Stijn van Nieuwerburgh, Laura Veldkamp, Mike Waugh, and seminar participants at UCLA, the Minneapolis Fed, Minnesota, Wisconsin-Madison, Penn State, Yale, the 2006 Econometric Society Summer Meeting (Minnesota), the 2006 SED Annual Meeting (Vancouver), the 2008 AAEP Meetings (Cordoba, Argentina), the 2008 LACEA-LAMES Meetings (Rio de Janeiro, Brazil), and the 2009 Conference on "Financial Frictions and Segmented Markets" at the UCSB. Finally, I appreciate the hospitality of the Federal Reserve Bank of Minneapolis and the excellent editorial assistance of Kathy Rolfe and Joan Gieseke. The usual waiver of liability applies. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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