Jordà, Òscar; Kornejew, Martin; Schularick, Moritz; … - 2020
With business leverage at record levels, the effects of corporate debt overhang on growth and investment have become a … the nearuniverse of modern business cycles. We show that business credit booms typically do not leave a lasting imprint on … the macroeconomy. Quantile local projections indicate that business credit booms do not affect the economy’s tail risks …