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Journal Article
What's Driving Leveraged Loan Spreads?
Syndicated loan spreads have declined since the financial crisis, reducing the cost of credit for corporate borrowers. However, the combination of aggressive loan pricing and weaker credit protections has concerned market observers. We find that syndicated loan spreads have declined across loan and borrower types since the crisis. We also find the decline has been more pronounced for highly leveraged borrowers and has accelerated since 2016, especially for term loans.
Journal Article
Global capital flows from China
Jun Nie and Nicholas Sly examine recent trends in capital flows from China and the implications for the United States.
Journal Article
The Limited Supply of Homes
Jordan Rappaport finds that a limited supply of single-family homes will continue to constrain home sales and put upward pressure on home prices over the next few years.
Journal Article
Characterizing the 2014–16 Slowdown in Investment
Investment growth slowed from 2014 to 2016, a period when the overall economy was expanding. Using a statistical model, the author found a clear evidence that investment growth fluctuates between high and low growth regimes that usually correspond to expansions and recessions. However, during 2014?16, the investment sector experienced an isolated recession within an overall expansion, which is unusual by historical standards.
Journal Article
Examining the Recent Shift in State and Local Pension Plans to Alternative Investments
State and local pension plans have increasingly turned to alternative investments in recent years. The authors found that this shift appears to be across the board; underfunding only partially explains this shift. In addition, they found that switching to alternative investments does not necessarily increase the volatility of returns.
Journal Article
Following the leaders: wage growth of job switchers
Jos Mustre-del-Ro analyzes labor market conditions to find increasing competitive pressures have led to strong wage growth for job switchers.
Journal Article
Millennials, baby boomers, and rebounding multifamily home construction
Jordan Rappaport analyzes the forces driving the recent rebound in multifamily construction.