NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective

Kay Giesecke, Francis A. Longstaff, Stephen Schaefer, Ilya Strebulaev

NBER Working Paper No. 17854
Issued in February 2012

---- Acknowledgments ----

We are grateful for valuable comments and suggestions received from Hanno Lustig. We are particularly grateful for the research assistance provided by Priyank Gandhi, Xiaolong Cheng, Scott Cowin, Matthias Fleckenstein, Baeho Kim, Brent Longstaff, Scott Longstaff, and Kyle Matoba. All errors are our responsibility. Research efforts on a previous paper in this project were partly financed by a Moody's grant. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Stephen Schaefer ----

Schaefer is a member of Moody's Advisory & Academic Research Committee and has at various times acted as an expert witness in cases involving credit risk and as a consultant to government and private sector organisations on investment management.

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