Cyclicality of Credit Supply: Firm Level Evidence
---- Acknowledgements -----
We are grateful to Murillo Campello, Erik Hurst, Atif Mian, Joe Peek, Mitchell Petersen, Amiyatosh Purnanandam, Christina Romer, David Romer, Erik Stafford, Jeremy Stein, René Stulz, Luis Viceira, James Vickrey, Vikrant Vig, and seminar participants at the AFA 2011 meeting, the EFA 2011 meeting, Bank of Canada, Bank of Spain, Boston University Boston University Conference on Credit Markets, DePaul, City University of Hong Kong, Harvard Business School, Federal Reserve Bank of St. Louis, European Central Bank, Federal Reserve Board, the London School of Economics, the 3rd Paris Spring Corporate Finance Conference and NBER Monetary Economics workshop for helpful comments. We thank Chris Allen and Baker Library Research Services for assistance with data collection. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.