The Credit Rating Crisis
---- Acknowledgements -----
We thank Daron Acemuglo, Adam Ashcraft, George-Marios Angeletos, Bengt Holmstrom, David Laibson, Chris Mayer, Ken Rogoff, Andrei Shleifer, Jeremy Stein and Luigi Zingales for insightful discussions, as well as seminar participants at Harvard University, the 24th annual conference on Macroeconomics, and the Minneapolis Federal Reserve Bank for useful comments. We also thank and Anna-Kathrine Barnett-Hart for help with the data. Shaunak Vankudre provided fantastic research assistance. All errors are our own. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.