Data on firm-loan-level daily credit line drawdowns in the United States expose a corporate
“dash for cash” induced by the COVID-19 pandemic. In the first phase of the crisis, which …

We document extreme disruption in debt markets during the COVID-19 crisis: a severe price
crash accompanied by significant dislocations at the safer end of the credit spectrum …

This paper reviews literature on the empirical relationship between vulnerabilities in the
financial system and the macroeconomy, and how monetary policy affects that connection …

We investigate the connections between bank capital regulation and the prevalence of
lightly regulated nonbanks (shadow banks) in the US corporate loan market. For …

We develop a new method to construct instruments in a broad class of economic
environments. In the economies we study, a few large firms, industries, or countries account …

This article provides a critical appraisal of the March 2020 crisis in fixed income markets. We
synthesize the main events, characterize what appears to be an emerging consensus on …

We examine the network of trading relationships between insurers and dealers in the over‐
the‐counter (OTC) corporate bond market. Regulatory data show that one‐third of insurers …

Insurers are the largest institutional investors of corporate bonds. However, a standard
theory of insurance markets, in which insurers maximize firm value subject to regulatory or …

Poor financial health of intermediaries coincides with low asset prices and high risk
premiums. Is this because intermediaries matter for asset prices, or because their health …

This paper demonstrates that investor base composition is an important determinant of bond
price dynamics and capital allocation outcomes in response to aggregate credit cycle …