Default Risk, Sectoral Reallocation, and Persistent Recessions

Cristina Arellano, Yan Bai, Gabriel Mihalache

NBER Working Paper No. 23835
Issued in September 2017

---- Acknowledgments ----

We thank Alexandra Solovyeva for excellent research assistance. We also thank our discussants Nuno Coimbra and Alessandro Dovis for insightful comments and suggestions. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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