Yields around ECB Meetings 20  y = 0.7231x + 0.5061 R² = 0.4943  15  10  5 Change in German Yield (basis points) -20  -15  -10  0 -5  0  5  -5  -10  -15  -20  Note: ECB is European Central Bank. Source: Federal Reserve Board staff calculations.
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.