Change in U.S. Yield (basis points)  10  15  20  Percent 9  Figure A.3: Gilchrist-Zakrajsek Corporate Bond Spread and Excess Premium  8 7  Spread  6 Excess Bond Premium  5 4 3 2 1 0 -1 -2 1973  1976  1979  1983  1986  1989  1993  1996  1999  2003  2006  2009  2013  2016  Source: Simon Gilchrist and Egon Zakrajsek (2012), "Credit Spreads and Business Cycle Fluctuations," American Economic Review, vol.
However, several developments that put severe pressure on the  2  BIS Review 126/2006  balance of payments position during the Plan need attention. First, the CAD assumed a structural character in the 1980s. With underlying expansion in economic activities, exports and imports grew in tandem, keeping the trade deficit at a high level.