Credit Market Freezes

Efraim Benmelech, Nittai K. Bergman

NBER Working Paper No. 23512
Issued in June 2017

---- Acknowledgments ----

We thank Bengt Holmstrom for numerous conversations. We also thank Marty Eichanbaum, Ravi Jaganathan, Dimitris Papanikolaou, Jonathan Parker, Sergio Rebelo, Steve Strongin, our NBER Macro Annual discussants V. V. Chari and Raghu Rajan, and seminar participants at the Goldman Sachs Global Markets Institute Academic Fellowship Conference and the NBER's 32nd Annual Conference on Macroeconomics for many comments that have improved the paper. We are grateful to Jack Bao and Kewei Hou for sharing their bond liquidity data. Shoham Benmelech, Zach Mikaya, Khizar Qureshi, Jeremy Trubnick and Yupeng Wang provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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