Cyclical Dispersion in Expected Defaults
NBER Working Paper No. 23704
---- Acknowledgments ----
We are grateful for comments from François Gourio (discussant), Jules van Binsbergen, Nicola Gennaioli, Itay Goldstein, Philipp Illeditsch and seminar participants at the NBER Summer Institute, UCLA Anderson, Emory University, the Federal Reserve Bank of Chicago and the Wharton School. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.