NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Cyclical Dispersion in Expected Defaults

João F. Gomes, Marco Grotteria, Jessica A. Wachter

NBER Working Paper No. 23704
Issued in August 2017

---- 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.

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