We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US … around FOMC announcements, we isolate the increased access to high-yield bond markets relative to investment-grade bond … investors’ appetite for high-yield US corporate bonds, thereby increasing access to high-yield bond markets for firms with a …

determinants. Real long-term government bond yields declined from the 1980s to very low levels in the recent period, though they … put lasting downward pressures on government bond yields. …