How Credit Cycles Across a Financial Crisis
NBER WORKING PAPER SERIES HOW CREDIT CYCLES ACROSS A FINANCIAL CRISIS Arvind Krishnamurthy Tyler Muir Working Paper 23850 http://www.nber.org/papers/w23850 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 September 2017, September 2020 We thank Michael Bordo, Gary Gorton, Robin Greenwood, Francis Longstaff, Emil Siriwardane, Jeremy Stein, David Romer, Chris Telmer, Alan Taylor, Egon Zakrajsek, and seminar/conference participants at Arizona State University, AFA 2015 and 2017, Chicago Booth Financial Regulation conference, NBER Monetary Economics meeting, NBER Corporate Finance meeting, FRIC at Copenhagen Business School, Riksbank Macro-Prudential Conference, SITE 2015, Stanford University, University of Amsterdam, University of California-Berkeley, University of California-Davis, UCLA, USC, Utah Winter Finance Conference, and Chicago Booth Empirical Asset Pricing Conference. We thank the International Center for Finance for help with bond data, and many researchers for leads on other bond data. We thank Jonathan Wallen and David Yang for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2017 by Arvind Krishnamurthy and Tyler Muir. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. How Credit Cycles across a Financial Crisis Arvind Krishnamurthy and Tyler Muir NBER Working Paper No.
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