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Author:Ebsim, Mahdi 

Corporate Bond Spreads and the Pandemic II: Heterogeneity across Sectors

The COVID-19 pandemic’s effects on firm borrowing costs have been heterogeneous, with some sectors being more affected than others.
On the Economy

How Many Employees Are Prepared to Work from Home?

Sorting workers by occupation and income helps shed light on who is more likely to be able to work remotely.
On the Economy

Corporate Bond Spreads and the Pandemic IV: Liquidity Buffers

The cost of borrowing rose for most firms during the pandemic-related disruption of financial markets, but firms with greater liquidity have had smaller increases in credit spreads.
On the Economy

Journal Article
What Is Driving Student Debt in the Eighth District?

Tuition appears to be a bigger driver of student debt growth in the Eighth District than in the U.S. as a whole.
The Regional Economist , Volume 27 , Issue 2

Corporate Bond Spreads and the Pandemic III: Variance across Sectors and Firms

Corporate bond spreads widened when COVID-19 initially began spreading, then spreads stabilized. How have spreads fared across individual sectors and issuances from the same firm?
On the Economy

Corporate Bond Spreads and the Pandemic

How have the COVID-19 pandemic and subsequent monetary policy response affected the corporate bond market?
On the Economy

COVID-19, School Closings and Labor Market Impacts COVID-19, School Closings and Labor Market Impacts

With schools closed due to COVID-19, many full-time workers may drop out of the labor force to take care of their children. Which groups of workers might be most affected?
On the Economy

Credit Spreads during the Financial Crisis and COVID-19

Corporate bond credit spreads widened during both the financial crisis and COVID-19 pandemic. How did spreads respond to policy actions?
On the Economy

Working Paper
When Liquidity Matters: Firm Balance Sheets during Large Crises

We study how aggregate shocks shape the joint dynamics of credit spreads, debt, and liquid asset holdings for nonfinancial firms, focusing on the Great Financial Crisis (GFC) and COVID-19. Both episodes saw sharp credit spread increases and investment declines, but debt and liquidity fell during the GFC and rose during COVID-19. Cross-sectionally, leverage drove spreads and investment in the GFC, while liquidity dominated during COVID-19. We build a macro-finance model of firm capital structure with a liquidity motive for working capital. Calibrated to data, it attributes the GFC to real and ...
Working Papers , Paper 2025-019

Working Paper
When Liquidity Matters: Firm Balance Sheets during Large Crises

We study how aggregate shocks shape the joint dynamics of credit spreads, debt, and liquid asset holdings for nonfinancial firms, focusing on the Great Financial Crisis (GFC) and COVID-19. Both episodes saw sharp credit spread increases and investment declines, but debt and liquidity fell during the GFC and rose during COVID-19. Cross-sectionally, leverage drove spreads and investment in the GFC, while liquidity dominated during COVID-19. We build a macro-finance model of firm capital structure with a liquidity motive for working capital. Calibrated to data, it attributes the GFC to real and ...
Working Papers , Paper 2025-019

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