How Credit Cycles across a Financial Crisis

Arvind Krishnamurthy, Tyler Muir

NBER Working Paper No. 23850
Issued in September 2017, Revised in September 2020

---- 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, UCLA, USC, Utah Winter Finance Conference, and Chicago Booth Empirical Asset Pricing 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 and David Yang 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.

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