How Credit Cycles across a Financial Crisis
---- Acknowledgments ----
We thank Michael Bordo, Gary Gorton, Robin Greenwood, Francis Longstaff, Emil Siriwardane, Jeremy Stein, David Romer, Chris Telmer, Alan Taylor, Egon Zakrajsek, and seminar/conference participants at Arizona State University, AFA 2015 and 2017, Chicago Booth Financial Regulation conference, NBER Monetary Economics meeting, NBER Corporate Finance meeting, FRIC at Copenhagen Business School, Riksbank Macro-Prudential Conference, SITE 2015, Stanford University, University of Amsterdam, University of California-Berkeley, University of California-Davis, and Utah Winter Finance Conference. We thank the International Center for Finance for help with bond data, and many researchers for leads on other bond data. We thank Jonathan Wallen for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.