Effects and Design of Central Bank Corporate Credit Facilities

Rayhan Momins dissertation from University of Chicago Booth School of Business examines the design and effects of central bank corporate credit facilities, exploring their causal impact on eligible issuer bonds.

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The dissertation, submitted in June 2025 in Chicago, Illinois, provides insights into the Federal Reserves corporate credit facilities, offering innovative research methodologies and surprising empirical findings on bond market behavior.

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The work, deeply rooted in academic rigor from a PhD candidate in Finance, features comprehensive tables, figures, and acknowledgments, reflecting the extensive scope and meticulous structure of this doctoral research.

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This paper introduces empirical strategies in Credit and Debt Markets by examining central bank corporate credit facilities through quasi-natural experiments, high-dimensional controls, and deep learning. Its originality stems from integrating causal machine learning and deep neural networks, presenting novel insights on policy impacts and treatment effects that are innovative, transformative.

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