# Project Overview

## Lopez-Salido, Stein & Zakrajsek (2017) Replication

A replication of Tables I-II and Figures I-II from López-Salido, Stein, and
Zakrajšek, "Credit-Market Sentiment and the Business Cycle" (*QJE*, 2017),
built on data from FRED, WRDS Mergent FISD, Robert Shiller's data website,
and the Greenwood-Hanson high-yield share series. The replication is
extended in two directions: an analogous credit-spread measure built from
Aaa-Treasury (rather than Baa-Treasury) spreads, and an out-of-sample test
of the sentiment signal over the 2020-2022 period spanning the COVID-19
shock and the subsequent market froth.

| Section | Description |
|---------|-------------|
| Goals | Project objectives and success criteria |
| Data Sources | Description of datasets and how they are obtained |
| Methodology | Approach, methods, and implementation details |

```{toctree}
:maxdepth: 1
:caption: Project Details

project_overview/goals
project_overview/data_sources
project_overview/methodology
```