NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Impact of the Federal Reserve's Large-Scale Asset Purchase Programs on Corporate Credit Risk

Simon Gilchrist, Egon Zakrajsek

NBER Working Paper No. 19337
Issued in August 2013

---- Acknowledgements -----

This paper was prepared for the conference “Macroeconomics and Financial Intermediation: Directions Since the Crisis,” organized jointly by the JMCB, ECARES, University of Ghent, National Bank of Belgium, and CEPR and held in Brussels, Belgium, December 9–10, 2011. We thank three anonymous referees, Robert Kollman, and Ken West (co-editor and editor, respectively) for numerous helpful comments and suggestions. We also benefited from comments by Tom King, Eric Ghysels (our discussant), Matt Raskin, Min Wei, and the conference participants at the 4th Banque de France – Deutsche Bundensbank conference on “Macroeconomics and Finance.” Samuel Haltenhof and Jane Brittingham provided outstanding research assistance. All errors and omissions are our own responsibility. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System, anyone else associated with the Federal Reserve System, or the National Bureau of Economic Research.

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