The magnitude and Cyclical Behavior of Financial Market Frictions

Figure 4

Aggregate Corporate Balance Sheets

Growth of Sales

Note. Firm-level sales were deflated by the chain-weighted GDP price deflator (2000=100).

Data are seasonally adjusted.

¹ All nonfinancial corporations.

Leverage

Percent

Note. Data are seasonally adjusted.

1 Median book value of long-term debt relative to market value of equity weighted by firm sales.

² Book value of bonds and mortgages relative to market value of equity for all nonfinancial
corporations.

17

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