Discussion Paper
What’s in A(AA) Credit Rating?
Boyarchenko, Nina; Shachar, Or (2020-01-08)
Rising nonfinancial corporate business leverage, especially for riskier “high-yield” firms, has recently received increased public and supervisory scrutiny. For example, the Federal Reserve’s May 2019 Financial Stability Report notes that “growth in business debt has outpaced GDP for the past 10 years, with the most rapid growth in debt over recent years concentrated among the riskiest firms.” At the upper end of the credit spectrum, “investment-grade” firms have also increased their borrowing, while the number of higher-rated firms has decreased. In fact, there are currently ...
Liberty Street Economics , Paper 20200108

Briefing
Recent Research in Monetary Policy and Central Banking: A Conference Recap
Mullin, John (2022-06)
How did the Fed's pandemic-initiated corporate bond facility affect credit markets? What are the supply-side effects of monetary policy? Under what conditions do central bank reserves affect credit spreads? These were among the questions addressed by economists during a recent Richmond Fed research conference.
Richmond Fed Economic Brief , Volume 22 , Issue 19