Nina Boyarchenko

Sep 20, 2024 | richmondfed.org | Nina Boyarchenko |Domenico Giannone |Anna Kovner

September 2024, No. 24-08 Bank Capital and Real GDP Growth Download paper We find evidence that bank capital matters for the distribution of future GDP growth but not its central tendency. Growth in the aggregate bank capital ratio compresses the tails of expected GDP growth, a relationship that is particularly robust in reducing the probability of the worst GDP outcomes.

Sep 20, 2024 | richmondfed.org | Nina Boyarchenko |Richard K. Crump |Anna Kovner |Or Shachar

September 2024, No. 24-09 Corporate Bond Market Distress Download paper We link bond market functioning to future economic activity through a new measure, the Corporate Bond Market Distress Index (CMDI). The CMDI coalesces metrics from primary and secondary markets in real time, offering a unified measure to capture access to debt capital markets.