Abstract
We document the breakdown in the term spread as a predictor of activity during the 1990s and provide the first long-horizon regression evidence that the high yield spread predicts well. The results support the presence of a US financial accelerator.
Original language | English (US) |
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Pages (from-to) | 167-172 |
Number of pages | 6 |
Journal | Economics Letters |
Volume | 82 |
Issue number | 2 |
DOIs | |
State | Published - Feb 2004 |
Externally published | Yes |
All Science Journal Classification (ASJC) codes
- Finance
- Economics and Econometrics
Keywords
- Financial accelerator
- High yield spread