Rogers, John H.; Sun, Bo; Wu, Wenbin - 2023
shock to U.S. corporate bond spreads, or the excess bond premium. This shock is orthogonal to shocks to U.S. monetary policy …, leverage of financial intermediaries, interest rate spreads, credit supply, risk aversion, and the macroeconomy. U.S. monetary …Existing literature finds that U.S. monetary policy has powerful spillover effects on the Global Financial Cycle (GFC …