Figures & data
Figure 1. Data
![Figure 1. Data](/cms/asset/1b8a204c-7a79-4e36-af96-8e7fd35bebce/rael_a_1725416_f0001_oc.jpg)
Table 1. Log marginal likelihood for specifications i to iv.
Figure 2. Response of employment growth to shocks to credit spread
![Figure 2. Response of employment growth to shocks to credit spread](/cms/asset/576402f3-e3d8-451e-91f9-796e58062809/rael_a_1725416_f0002_oc.jpg)
Figure 3. Response of credit spread to shocks to employment growth
![Figure 3. Response of credit spread to shocks to employment growth](/cms/asset/305e6a34-87de-410c-a69e-dd751d56c725/rael_a_1725416_f0003_oc.jpg)
Figure 4. Share of forecast error variance of employment growth explained by shocks to credit spread
![Figure 4. Share of forecast error variance of employment growth explained by shocks to credit spread](/cms/asset/f6758253-bdfe-402c-a3ad-a0e46f2ed978/rael_a_1725416_f0004_oc.jpg)
Figure 5. Share of forecast error variance of credit spread explained by shocks to employment growth
![Figure 5. Share of forecast error variance of credit spread explained by shocks to employment growth](/cms/asset/a28c2660-be0e-4771-afd4-bf62a820979c/rael_a_1725416_f0005_oc.jpg)
Figure A1. Standard deviation of shocks to credit spread
![Figure A1. Standard deviation of shocks to credit spread](/cms/asset/1ba41c55-f300-419d-ab5a-3df7b43f8369/rael_a_1725416_f0006_oc.jpg)