High yield spreads,real economic activity,and the financial accelerator |
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| Authors: | Pierangelo De Pace Kyle D Weber |
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| Institution: | 1. Pomona College, Department of Economics, Carnegie Building, Room 205 - 425, N College Avenue - Claremont, CA 91711, USA;2. Pomona College, Department of Economics, 425, N College Avenue - Claremont, CA 91711, USA |
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| Abstract: | We study the leading properties of 30 US high yield spreads for economic growth between 1996 and 2012 and show that they disappeared in the second half of the 2000s. Our empirical findings demonstrate the unreliability of high yield spreads as leading indicators and cast doubts on the existence of a strong and functioning financial accelerator in recent years. |
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| Keywords: | C22 E43 E44 |
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