NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Credit Spreads and Business Cycle Fluctuations

Simon Gilchrist, Egon Zakrajšek

NBER Working Paper No. 17021
Issued in May 2011

---- Acknowledgments ----

We are grateful to Viral Acharya, Tobias Adrian, Hui Chen, Mark Gertler, Arvind Krishnamurthy, Haitao Li, Eric Swanson, Min Wei, and Jonathan Wright for helpful discussions. We also thank seminar participants at the Federal Reserve Board, the Federal Reserve Banks of Boston, Chicago, and New York, Brown University, NYU, the 2010 CEGE Conference on Financial Shocks and the Real Economy, and the 2010 Tepper/LAEF Conference on Advances in Macro-Finance for helpful comments and suggestions. Robert Kurtzman and Michael Levere provided outstanding research assistance. All errors and omissions are our own responsibility alone. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the National Bureau of Economic Research, the Board of Governors of the Federal Reserve System, or of anyone else associated with the Federal Reserve System.

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