De Pace, Pierangelo; Weber, Kyle D. - In: Economics Letters 121 (2013) 3, pp. 346-355
We study the leading properties of 30 US high yield spreads for economic growth between 1996 and 2012 and show that they disappeared in the second half of the 2000s. Our empirical findings demonstrate the unreliability of high yield spreads as leading indicators and cast doubts on the existence...