NBER WORKING PAPER SERIESTHE IMPACT OF THE FEDERAL RESERVE'S LARGE-SCALE ASSET PURCHASEPROGRAMS ON CORPORATE CREDIT RISKSimon GilchristEgon Zakrajsek Working Paper 19337http://www.nber.org/papers/w19337NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts AvenueCambridge, MA 02138August 2013
This paper was prepared for the conference “Macroeconomics and Financial Intermediation: Directions
Since the Crisis,” organized jointly by the JMCB, ECARES, University of Ghent, National Bank of
Belgium, and CEPR and held in Brussels, Belgium, December 9–10, 2011. We thank three anonymous
referees, Robert Kollman, and Ken West (co-editor and editor, respectively) for numerous helpful
comments and suggestions. We also benefited from comments by Tom King, Eric Ghysels (our discussant),
Matt Raskin, Min Wei, and the conference participants at the 4th Banque de France – Deutsche Bundensbank
conference on “Macroeconomics and Finance.” Samuel Haltenhof and Jane Brittingham provided
outstanding research assistance. All errors and omissions are our own responsibility. The views expressed
in this paper are solely the responsibility of the authors and should not be interpreted as reflecting
the views of the Board of Governors of the Federal Reserve System, anyone else associated with the
Federal Reserve System, or the National Bureau of Economic Research.
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© 2013 by Simon Gilchrist and Egon Zakrajsek. All rights reserved. Short sections of text, not to exceedtwo paragraphs, may be quoted without explicit permission provided that full credit, including © notice,
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