On Jan 3, 2009, at 6:38 AM, Julio Huato wrote:
> I don't have access to NBER papers from my home computer, but after
> reading the CCK paper, I'm mystified by their argument that spreads
> shouldn't be taken as evidence of credit tightening during a crisis
> *because of* the flight to quality. Hence, you should look at levels.
No kidding.
These guys look pretty right-wing, no? Is it some sort of weird compulsive anti-Keynesianism?
Doug