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Author:Cantor, Richard 

Journal Article
Effects of leverage on corporate investment and hiring decisions

Quarterly Review , Volume 15 , Issue Sum

Monograph
Nonbank lenders and the credit slowdown

Monograph

Journal Article
Securitization, loan sales, and the credit slowdown

Household and business lending has slowed sharply in recent years, but the anemic growth in loans booked at depository institutions, mortgage companies, and finance companies may overstate the decline in credit originated by these institutions. This article reports measures of credit growth that include "off-balance-sheet lending"loans that were originated by intermediaries but are absent from their balance sheets because of direct loan sales or the issuance of asset-backed securities. The authors also compare the relative volume of off-balance-sheet lending by types of intermediaries.
Quarterly Review , Volume 18 , Issue Sum

Journal Article
Current labor market trends and inflation

Quarterly Review , Volume 12 , Issue Aut

Report
Split ratings and the pricing of credit risk

Despite the fact that over 50 percent of all corporate bonds have different ratings from Moody's and Standard and Poor's at issuance, most bond pricing models ignore these differences of opinion. Our work compares a number of different methods of accounting for split ratings in estimating bond pricing models. We find that pricing rules that use only the Moody's or Standard and Poor's ratings produce unbiased but highly inefficient forecasts. If models rely instead on simply the higher or lower of the two ratings (but not both), greater bias is introduced with insignificant gains in ...
Research Paper , Paper 9711

Journal Article
Interest rates, household cash flow, and consumer expenditures

Quarterly Review , Volume 14 , Issue Sum

Report
A panel study of the effects of leverage on investment and employment

Research Paper , Paper 9011

Report
Can a fiscal contraction strengthen a currency?: Some doubts about conventional Mundell-Fleming results

This article demonstrates that a fiscal expansion can induce both a short- and long-run depreciation of a currency and, by parallel arguments, fiscal contraction can induce short- and long-run appreciation. This possibility hinges on a country being a debtor with at least some of its debt servicing costs reset periodically in response to changes in its domestic interest rates. In the simpler version of our model, we show that a fiscal expansion can lead to an instantaneous depreciation and a current account deficit, causing the currency to continue to depreciate over time. The current account ...
Research Paper , Paper 9629

Journal Article
The credit rating industry

Investors and regulators have been increasing their reliance on the opinions of the credit rating agencies. This article shows that although the ratings provide accurate rank-orderings of default risk, the meaning of specific letter grades varies over time and across agencies. Noting that current regulations do not explicitly adjust for agency differences, the authors argue that a reassessment of the use of ratings and the adequacy of public oversight is overdue.
Quarterly Review , Volume 19 , Issue Sum

Journal Article
Determinants and impact of sovereign credit ratings

The authors conduct the first systematic analysis of the determinants and impact of the sovereign credit ratings assigned by the two leading U.S. agencies, Moody's Investor Services and Standard and Poor's. Of the large number of criteria used by the two agencies, six factors appear to play an important role in determining a country's credit rating: per capita income, GDP growth, inflation, external debt, level of economic development, and default history. In addition, the authors find that sovereign ratings influence market yields--particularly those on non-investment-grade ...
Economic Policy Review , Volume 2 , Issue Oct , Pages 37-53

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