Finance and Economics Discussion Series: Data for paper 001124
♣
Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs
Figure 1: Growth of Real Sales in U.S. Manufacturing
| Date | Access to bond mrkt growth rate | All growth rate |
|---|---|---|
| 1985-04-01 | 3.3978359926703 | 0.591713039601949 |
| 1985-07-01 | -3.25485983787033 | 0.048927574611568 |
| 1985-10-01 | 3.92670279658525 | 3.70190973391527 |
| 1986-01-01 | -1.80981956136375 | -5.20060759417476 |
| 1986-04-01 | -0.137875176591251 | -3.19709038597296 |
| 1986-07-01 | -2.53266554215461 | 0.576428348175462 |
| 1986-10-01 | 1.02686259730991 | 0.923372638076536 |
| 1987-01-01 | 4.66558497368226 | 1.71897408438539 |
| 1987-04-01 | 1.53256594749109 | 2.96395826273876 |
| 1987-07-01 | 7.14976182220255 | 3.08749691391377 |
| 1987-10-01 | 1.4484220225599 | 0.638675508041331 |
| 1988-01-01 | 2.17658678491883 | 4.3341805224248 |
| 1988-04-01 | -0.686869501200071 | 2.24747715801161 |
| 1988-07-01 | 3.07850531681169 | -0.938196688688997 |
| 1988-10-01 | 0.183232349233897 | 1.98081044309681 |
| 1989-01-01 | 0.637891538020696 | 1.4852813119365 |
| 1989-04-01 | 3.35552753010546 | 1.46141712138483 |
| 1989-07-01 | -3.13941960169934 | -2.25967869217474 |
| 1989-10-01 | -1.85684264237107 | 0.409890396093182 |
| 1990-01-01 | 5.17681129907999 | 2.2291221495669 |
| 1990-04-01 | 1.85693689941129 | -0.0506160376005482 |
| 1990-07-01 | 4.16965686924229 | 3.1067524075949 |
| 1990-10-01 | 8.44684711835804 | 1.85285963913913 |
| 1991-01-01 | -10.6488403096645 | -7.06204085568096 |
| 1991-04-01 | -1.97827020936021 | -1.6299896185199 |
| 1991-07-01 | 1.5350299482817 | 0.104633235350882 |
| 1991-10-01 | 5.82265153009747 | 0.980555969346497 |
| 1992-01-01 | -5.71192803929765 | 0.0145948146967001 |
| 1992-04-01 | 7.89813625761724 | 1.75368197361596 |
| 1992-07-01 | -1.83551722417139 | 2.06074789373982 |
| 1992-10-01 | -8.50061005745832 | -2.1559208781003 |
| 1993-01-01 | 6.34754065462602 | -0.25555227917593 |
| 1993-04-01 | 7.23468451476386 | 1.71256737131618 |
| 1993-07-01 | -8.54886554053564 | -1.46469528122406 |
| 1993-10-01 | -2.05818514382727 | 0.906077886536139 |
| 1994-01-01 | 6.85607924652487 | 2.41872847116458 |
| 1994-04-01 | -0.17943540568357 | 2.55707705417212 |
| 1994-07-01 | 6.80160223041355 | 3.04872907846025 |
| 1994-10-01 | 3.46682017930586 | 2.1576922634118 |
| 1995-01-01 | 1.44904180663836 | 3.06977217693181 |
| 1995-04-01 | -4.30285315851489 | 0.609178560569568 |
| 1995-07-01 | 5.06782542984023 | -0.119425053980393 |
| 1995-10-01 | 9.01342696827232 | 0.52040895085792 |
| 1996-01-01 | 0.138752619139559 | 2.95695124484219 |
| 1996-04-01 | -4.64661409983567 | 2.40224233418243 |
| 1996-07-01 | 4.9411041085353 | 0.679059067312515 |
| 1996-10-01 | -0.0707926890004984 | 3.6588831438106 |
| 1997-01-01 | -1.6560778821054 | -2.24096513048426 |
| 1997-04-01 | -0.170537774845769 | -1.44063581713354 |
| 1997-07-01 | -2.68610668205103 | 0.300147144830554 |
| 1997-10-01 | 4.06386043722051 | 3.19757655934279 |
| 1998-01-01 | -2.47458692535059 | -2.10069733151848 |
| 1998-04-01 | 4.93028557610877 | -2.40775873226617 |
| 1998-07-01 | 2.4621662552228 | 5.63371008211622 |
| 1998-10-01 | -0.16862033532643 | -5.04065871605874 |
| 1999-01-01 | -0.635263350113036 | -0.849280926892071 |
| 1999-04-01 | -0.213961363020587 | 2.80278767132032 |
| 1999-07-01 | 6.9409444804494 | 4.10360838145589 |
| 1999-10-01 | -2.3554185190271 | 2.46583120801258 |
| 2000-01-01 | 13.2761369670137 | 2.98241859683301 |
| 2000-04-01 | -3.89320441434542 | -0.23316152430457 |
| 2000-07-01 | -1.20494156220232 | -0.567213188435289 |
| 2000-10-01 | -4.05475426598727 | -4.77596879503253 |
| 2001-01-01 | -3.35486641607652 | -0.0585995268519213 |
| 2001-04-01 | -2.92904796236382 | -2.59757628625223 |
| 2001-07-01 | -0.330478092413067 | -7.61117755432466 |
| 2001-10-01 | -12.5474095601382 | -2.69615677494066 |
| 2002-01-01 | 6.0625104406629 | -1.82190111776777 |
| 2002-04-01 | 9.89572152932841 | 4.07352015357443 |
| 2002-07-01 | -7.70902564422524 | 0.0285515701001771 |
| 2002-10-01 | 7.28419297749721 | 2.72705943233404 |
| 2003-01-01 | 4.15951569916686 | 1.04729477592773 |
| 2003-04-01 | 1.9195442165671 | -0.937942007200832 |
| 2003-07-01 | 2.00523510257167 | 3.62255539508425 |
| 2003-10-01 | 4.29692258736392 | 3.42717022803871 |
| 2004-01-01 | 4.61136538205658 | 4.96342967307086 |
| 2004-04-01 | 2.72199914453903 | 0.945532266771032 |
| 2004-07-01 | 0.671053375724107 | 1.83152370622981 |
| 2004-10-01 | 8.14542753074718 | 2.77225305611477 |
| 2005-01-01 | -7.75176335851011 | 1.14959131388552 |
| 2005-04-01 | 2.73411101113457 | 1.30476078940926 |
| 2005-07-01 | -1.23610879359646 | 0.619484011007643 |
| 2005-10-01 | -5.32621111051341 | 0.391655214680142 |
| 2006-01-01 | 5.34015597265185 | 0.324901484871098 |
| 2006-04-01 | 3.1973389925934 | -0.294271905182519 |
| 2006-07-01 | -2.07242872574156 | 0.283790824468433 |
| 2006-10-01 | 2.94617843845053 | -0.527366148026331 |
| 2007-01-01 | -1.75124159039939 | 0.384530566149444 |
| 2007-04-01 | 1.39655501580869 | 1.37477560723376 |
| 2007-07-01 | 3.93651656626712 | 0.432701869344676 |
| 2007-10-01 | 6.0390572994395 | 4.91536822717151 |
| 2008-01-01 | 9.47311497365639 | 6.08124427026784 |
| 2008-04-01 | -0.823789242996043 | 2.52328820185213 |
| 2008-07-01 | -7.48047836188377 | -3.17819950093003 |
| 2008-10-01 | -14.7327138064473 | -21.0816168847726 |
| 2009-01-01 | -19.9132717142211 | -10.2501865924602 |
| 2009-04-01 | 7.34172780399298 | -3.71292712558287 |
| 2009-07-01 | 6.75595349179527 | 7.23610994018298 |
| 2009-10-01 | 4.82149214887251 | 4.89603703455455 |
| 2010-01-01 | 3.8161126548145 | 5.30730746122057 |
| 2010-04-01 | 0.651406727869563 | -0.564422767126871 |
| 2010-07-01 | 1.57255085888348 | 0.147641409542665 |
| 2010-10-01 | 4.89192041987199 | 5.23481581419123 |
Figure 2: Distribution of Firm-Level Borrowing Costs
| Credit spread |
|---|
| 2.88278498433679 |
| 0.858198788316451 |
| 0.911645668960992 |
| 1.12232130962163 |
| 3.79003986871777 |
| 1.11326912773736 |
| 0.882876976151359 |
| 5.03129117755388 |
| 4.94717707309426 |
| 1.72021520037894 |
| 7.43113670761118 |
| 3.12654107495541 |
| 1.26058200765943 |
| 1.42228119465287 |
| 3.26714110801561 |
| 2.1814989332125 |
| 1.74688458116882 |
| 2.02767953234142 |
| 5.96424629326453 |
| 1.24101640100692 |
| 6.23406126178018 |
| 2.24703344519629 |
| 1.14481951981917 |
| 4.08373335562528 |
| 1.64361600053599 |
| 1.546916692326 |
| 3.38721750368266 |
| 1.40566731678739 |
| 1.20308885068967 |
| 2.39461115891884 |
| 2.36591271141674 |
| 1.47147024990039 |
| 1.71886339863645 |
| 0.68748758761161 |
| 6.23027867370339 |
| 6.78844667602118 |
| 2.1056848995263 |
| 1.99646892686632 |
| 1.2086260198199 |
| 2.50503511313409 |
| 3.80964273698412 |
| 0.906484722061353 |
| 1.30901239890447 |
| 6.50207471222036 |
| 0.924347846917277 |
| 1.0382295419333 |
| 1.17497342662776 |
| 1.87616065280169 |
| 3.78585743389837 |
| 2.11717738769532 |
| 2.1719140978202 |
| 5.9113220638701 |
| 3.92006671363785 |
| 4.43185956292372 |
| 1.03115581337642 |
| 2.53144717127407 |
| 3.56186956478334 |
| 2.30795012902673 |
| 2.47264255555013 |
| 5.20071207939991 |
| 5.24925714553226 |
| 4.32493196944676 |
| 1.69666996312477 |
| 1.60560506703879 |
| 3.56928285497595 |
| 1.16598517715434 |
| 5.93240520159874 |
| 7.89525039215792 |
| 1.00612813685298 |
| 5.11962971835495 |
| 1.74220076421056 |
| 1.64408481487207 |
| 3.43771923376863 |
| 1.7114496237182 |
| 6.60995769749423 |
| 1.28655307440655 |
| 4.24682907547873 |
| 1.17403710311321 |
| 1.87302309459903 |
| 2.21500578555706 |
| 3.65059117176896 |
| 4.87548967367744 |
| 2.72066579410504 |
| 2.7762477756775 |
| 2.46386874868649 |
| 3.56793305816469 |
| 3.63201940775656 |
| 3.96051176488162 |
| 2.26257696646538 |
| 5.24600954185036 |
| 4.63709469614204 |
| 2.79975824441298 |
| 5.6490288077457 |
| 3.36270051145934 |
| 3.18460544323911 |
| 3.49347594856723 |
| 3.61459913905518 |
| 4.59426938178551 |
| 2.70803497612861 |
| 4.10735706773428 |
| 3.97531940316531 |
| 3.89528960178815 |
| 3.76411220774675 |
| 8.52395979608945 |
| 2.70074668374894 |
| 2.47803218806709 |
| 2.60054409886775 |
| 3.75934551082453 |
| 5.1950025624025 |
| 5.97275219322126 |
| 3.38607451204469 |
| 3.53594598421095 |
| 5.95894719770318 |
| 3.19877193728607 |
| 5.3014377889497 |
| 3.82256158504918 |
| 4.14512475603011 |
| 5.38503224506114 |
| 8.61826729466446 |
| 0.714482380729051 |
| 0.598783154226433 |
| 0.839892091700027 |
| 0.757524105228903 |
| 1.18030935747549 |
| 2.47275291298114 |
| 2.09319123118407 |
| 1.36574159895699 |
| 0.939022552818825 |
| 0.498431982957076 |
| 0.427597818465323 |
| 0.946217803653399 |
| 3.51722501962161 |
| 2.28954376220781 |
| 1.23741646267604 |
| 1.61267332001604 |
| 0.730850345819292 |
| 1.17963104836214 |
| 0.977041958303896 |
| 2.67587943148494 |
| 2.81249337769598 |
| 0.982718696136534 |
| 0.87164668270284 |
| 1.32731938589063 |
| 3.07258803366267 |
| 1.34789183996755 |
| 0.898906034747236 |
| 1.86388755999777 |
| 1.03515481728401 |
| 2.4918449850999 |
| 2.81117390669308 |
| 0.803473699750964 |
| 1.01760408710222 |
| 2.35378529625996 |
| 1.95002541126315 |
| 0.764587088183583 |
| 2.24124287898348 |
| 0.743099860460319 |
| 1.1360727745641 |
| 2.10836973869075 |
| 1.00001850268985 |
| 5.30922172355206 |
| 1.17022336097487 |
| 1.43636083488467 |
| 1.06724555698088 |
| 2.25574656881507 |
| 1.46157799415308 |
| 2.53154432231237 |
| 0.85836585960601 |
| 1.34440887633249 |
| 0.60300922613665 |
| 0.871538614913569 |
| 0.765573434615726 |
| 1.1820960765879 |
| 0.743883464746846 |
| 1.9487110285441 |
| 1.35421522397789 |
| 1.62053033878255 |
| 0.769950695163902 |
| 3.50102657324507 |
| 5.09061682525835 |
| 3.0984171577194 |
| 1.34379373554968 |
| 2.31590507069042 |
| 1.14810772753649 |
| 1.88030454247262 |
| 0.974078154990473 |
| 1.23828534795018 |
| 1.51939035944817 |
| 1.57150785069058 |
| 0.999627626056309 |
| 1.1521771515553 |
| 0.422767773310638 |
| 0.805980723844441 |
| 1.82870818330158 |
| 1.01297679062397 |
| 2.25249718990266 |
| 0.780461469084619 |
| 4.14401335954298 |
| 4.01299158315534 |
| 0.362332429615693 |
| 1.37647853939154 |
| 9.18112384951969 |
| 2.92016171101378 |
| 1.88313344711595 |
| 0.678219127383119 |
| 3.12625038372713 |
| 2.43185604653226 |
| 1.50918018232931 |
| 4.6414715339927 |
| 0.774688275964521 |
| 0.343045954140842 |
| 1.02382697111062 |
| 1.72733773765052 |
| 1.11999301583277 |
| 2.59496794320024 |
| 0.521670898821809 |
| 2.36561192035152 |
| 1.60293868173788 |
| 3.77616057471551 |
| 1.935120731247 |
| 1.56777108891291 |
| 0.842427721417945 |
| 1.00174678152161 |
| 1.18323614200298 |
| 1.10246069401217 |
| 2.83795474478986 |
| 0.936451270594747 |
| 2.3401589332374 |
| 0.933312417376395 |
| 1.04697532782637 |
| 0.701220685544559 |
| 1.74195580549282 |
| 1.13586277857452 |
| 1.16458358745365 |
| 1.92379750223601 |
| 1.14579003955089 |
| 2.98976484259127 |
| 0.628675868994835 |
| 0.917136859812436 |
| 4.2560427362758 |
| 3.71700561520811 |
| 2.47038533604858 |
| 0.71524592902754 |
| 1.12031804264377 |
| 1.25586311282638 |
| 1.72117442138871 |
| 1.43683819994268 |
| 0.713871037223413 |
| 1.4662165271083 |
| 0.902046207852431 |
| 3.39125083620115 |
| 2.47640603231504 |
| 1.29632489956017 |
| 0.891149815936831 |
| 4.67291968679851 |
| 0.63958758193886 |
| 1.13726231641162 |
| 3.6458016787677 |
| 0.963131332862742 |
| 0.972776091886597 |
| 3.93611803207577 |
| 1.53226433040522 |
| 0.872863490276382 |
| 2.82385326033864 |
| 0.740428931312557 |
| 0.796250857397159 |
| 1.71167257377335 |
| 1.95423839646461 |
| 1.49086264609746 |
| 0.901287530429648 |
| 1.40705655691011 |
| 0.718151783406772 |
| 0.922425010793565 |
| 1.46667281724384 |
| 0.673784359400643 |
| 1.43047941256334 |
| 1.4101601809552 |
| 1.74795507214867 |
| 2.13876633281284 |
| 3.96052272608303 |
| 1.03833718031358 |
| 4.19585878804399 |
| 4.14132647321843 |
| 1.45772672929955 |
| 0.881607737294147 |
| 1.12774681698367 |
| 7.36519045106273 |
| 1.9863377232663 |
| 1.38451766884157 |
| 1.39668448326418 |
| 4.05487532255882 |
| 1.05223274926052 |
| 2.33693241511357 |
| 1.0198483888479 |
| 1.70065444480023 |
| 0.629641161762191 |
| 0.597226424236989 |
| 1.27675125093764 |
| 1.38581555766902 |
| 3.5897719140383 |
| 4.05382985437826 |
| 1.0257909815544 |
| 1.76939353735504 |
| 1.11446474360535 |
| 1.86432131072285 |
| 0.69599243234543 |
| 0.85795123904565 |
| 1.29889474478398 |
| 1.18516544681437 |
| 0.915986590882915 |
| 0.475376943545749 |
| 1.33380266542563 |
| 3.62332401476173 |
| 0.641652852001728 |
| 3.8522537440792 |
| 1.3322771058385 |
| 1.32309414386967 |
| 0.994623992904286 |
| 3.29801834867429 |
| 1.23400700737364 |
| 1.90813493907577 |
| 2.78349218538354 |
| 0.955714935988816 |
| 4.59190255374199 |
| 1.39487384040682 |
| 1.12032315790846 |
| 1.72591207582599 |
| 2.74204532976673 |
| 1.73588732207537 |
| 1.51372692616906 |
| 4.59428872575868 |
| 1.18999764821412 |
| 3.84122903858535 |
| 0.829345738129912 |
| 1.38058344018021 |
| 2.05950889404763 |
| 2.15652490537688 |
| 3.69083293107573 |
| 1.02206783172586 |
| 1.07515096755249 |
| 1.62432563255886 |
| 3.42075790860358 |
| 0.711963456107974 |
| 1.58186657910734 |
| 3.34595503094462 |
| 3.8752731546691 |
| 1.12857978767645 |
| 2.00992873253918 |
| 1.45812852296008 |
| 3.76502204443857 |
| 1.3947424826999 |
| 3.88314882015174 |
| 0.447310752452739 |
| 1.68308089370753 |
| 1.37478620809626 |
| 5.98150902176703 |
| 1.88175286581772 |
| 1.62878654509978 |
| 0.86069596356787 |
| 2.21875587749406 |
| 3.72882239379704 |
| 1.86152017162472 |
| 4.12886128234117 |
| 2.46361880398661 |
| 4.91402178262415 |
| 1.73781461932681 |
| 0.715090717541647 |
| 1.14223429448706 |
| 0.860151994288829 |
| 1.15690022610176 |
| 3.34791731751021 |
| 0.911610298213987 |
| 0.579755828902539 |
| 0.37710978221244 |
| 2.26652391829183 |
| 1.75234827302953 |
| 1.58735802441044 |
| 0.884125198327272 |
| 1.18962897778231 |
| 1.01480020215778 |
| 0.938127255285639 |
| 0.59153541224905 |
| 1.85747847969044 |
| 1.70833400703934 |
| 1.06002287327836 |
| 1.371532116318 |
| 1.24658560473208 |
| 0.48584630541275 |
| 1.62221093362007 |
| 4.23411331558881 |
| 2.29255310506628 |
| 1.00949832986765 |
| 1.38225033444077 |
| 3.80855619149201 |
| 2.06897664992113 |
| 0.754094224298031 |
| 3.10141568415139 |
| 1.49504359362292 |
| 2.20167617683621 |
| 1.98621089657713 |
| 2.56443408529846 |
| 6.34832905843654 |
| 4.18051370020794 |
| 6.42118528297942 |
| 3.72299376611233 |
| 1.04941317410623 |
| 4.0456080268102 |
| 4.67250337791522 |
| 2.69701438431104 |
| 3.802235795633 |
| 3.94737700333088 |
| 0.979195950348818 |
| 1.36244041862824 |
| 1.23435181948098 |
| 2.24521331498785 |
| 2.33445028670115 |
| 3.15342136969589 |
| 1.34734550649977 |
| 1.01131665106367 |
| 3.66300874226706 |
| 1.62154977603939 |
| 2.25648878016633 |
| 1.68605065388196 |
| 3.61946546639051 |
| 3.27954536568814 |
| 2.17960602230612 |
| 0.986477972666703 |
| 3.60770370660942 |
| 2.88465398750549 |
| 0.937012286477488 |
| 7.41165267641677 |
| 5.01868671804129 |
| 1.41349399546771 |
| 0.656668242541718 |
| 1.98154330488135 |
| 4.1499706303808 |
| 3.71476549677153 |
| 4.0075406457267 |
| 4.19775519684901 |
| 1.22359008643403 |
| 2.79988537379757 |
| 2.37478200151204 |
| 2.74807660273073 |
| 0.662210064399446 |
| 2.20046287441038 |
| 4.27036178583386 |
| 3.4561770011529 |
| 1.64403831112641 |
| 2.42678353551281 |
| 1.75061764601512 |
| 3.7039921589155 |
| 2.76147176684652 |
| 4.08378431799436 |
| 4.26047935266713 |
| 5.84258610851271 |
| 3.73969550328893 |
| 2.8383304016379 |
| 3.53226296322875 |
| 1.6229401667707 |
| 2.89146769056682 |
| 4.6930203676679 |
| 3.12314719558787 |
| 4.28489356610379 |
| 2.3892639864744 |
| 1.0366048724863 |
| 3.39536936618702 |
| 2.42508353440142 |
| 1.08373858229081 |
| 3.63508691827741 |
| 3.21467843651678 |
| 4.28997457359512 |
| 5.20750382564609 |
| 1.27465927651755 |
| 1.29705303934604 |
| 0.809342280607598 |
| 1.15866945659025 |
| 2.93083851024478 |
| 3.00800365110939 |
| 5.80206146856946 |
| 1.33676365028374 |
| 2.18882428392632 |
| 1.81206646601168 |
| 1.23628278747312 |
| 3.62637435192017 |
| 4.87385082073273 |
| 6.06197126059141 |
| 3.22008955409648 |
| 3.62232711493302 |
| 5.03676440826159 |
| 2.07984158157044 |
| 3.95124561333729 |
| 6.24911279394538 |
| 4.76609967965284 |
| 5.40213981415308 |
| 7.18814656484048 |
| 0.985484624450669 |
| 1.87642520607205 |
Figure 3: Firm-Level Borrowing Costs and Firm Size
| Real sales | Credit spread |
|---|---|
| 7.61574359533025 | 2.86753682894088 |
| 8.12991118983535 | 0.855483811730899 |
| 7.10589484660469 | 0.910247667507786 |
| 7.20277208192038 | 1.11553150354557 |
| 7.23833648159005 | 4.23502851677001 |
| 7.79386964764445 | 1.09669248940004 |
| 5.63398736727879 | 0.891767604670282 |
| 5.68724520262333 | 4.8990340263694 |
| 6.00806503217686 | 5.24313370816735 |
| 6.20913356904893 | 1.7291198190272 |
| 3.72457752723591 | 7.47789826981297 |
| 6.7423849498774 | 3.12679596715579 |
| 5.61964878141773 | 1.25037992135673 |
| 6.88264376475339 | 1.43026918697823 |
| 5.88681975160734 | 3.4112687605884 |
| 6.61297846846638 | 2.1814989332125 |
| 6.98116624266657 | 1.73781921799419 |
| 6.45874348908356 | 2.02767953234142 |
| 5.04900046785502 | 6.15704829703203 |
| 7.85543094085502 | 1.18338474577462 |
| 3.89526578787985 | 6.87718865020447 |
| 6.00260499005514 | 2.29696230904431 |
| 7.57084807393361 | 1.12078054751245 |
| 6.03962586599715 | 4.07759812584206 |
| 7.07372285691039 | 1.61511591850223 |
| 5.12922083635338 | 1.49979302293608 |
| 6.52977723227856 | 3.51665141444504 |
| 6.47983959539609 | 1.36843091859138 |
| 8.09536505686583 | 1.18014852122501 |
| 5.26949280201183 | 2.35031046302671 |
| 5.93393686534964 | 2.34151754115838 |
| 5.91641203323895 | 1.57572115709463 |
| 7.35426518452741 | 1.70366231167028 |
| 7.93720365130591 | 0.662578484525446 |
| 6.85997507708997 | 6.38121893597758 |
| 1.3165081101963 | 6.83215237889076 |
| 6.28664966018655 | 2.06382005359859 |
| 6.51966491346519 | 2.02277037486114 |
| 5.96970444051558 | 1.10772092873747 |
| 6.37458699322582 | 2.50363025543061 |
| 7.84570042092882 | 3.93484846609984 |
| 6.29607128292773 | 0.901621853010834 |
| 6.65390924981403 | 1.31099038021387 |
| 5.57423700989136 | 5.96897470900166 |
| 7.04811071729828 | 0.924347846917277 |
| 5.68417583579986 | 1.02134234620235 |
| 8.28095492661332 | 1.17497342662776 |
| 6.96017674466279 | 1.87978879862974 |
| 5.10529495299381 | 3.76473512124679 |
| 8.29007312750875 | 2.17243264139453 |
| 5.54163587013072 | 2.15838154827986 |
| 5.44690523608628 | 6.05513320906352 |
| 5.20319026655587 | 3.92006671363786 |
| 6.24609516976328 | 4.91109306868411 |
| 6.85739365521781 | 1.02984725916872 |
| 6.28777060622825 | 2.50841060838949 |
| 4.88577470864281 | 3.47436894242684 |
| 7.58128559725259 | 2.2728672753074 |
| 6.03087589137176 | 2.51604320361316 |
| 5.32750552880867 | 5.20071207939991 |
| 5.52274671763943 | 5.30446676169251 |
| 5.49243747488889 | 4.47214869174042 |
| 6.72399359225014 | 1.68596501465743 |
| 6.71520461221878 | 1.57169945689471 |
| 5.30512272905582 | 3.56121114327027 |
| 8.73811776542365 | 1.12784731120079 |
| 5.98403524802166 | 5.92203392300588 |
| 5.28795991779588 | 8.03331886172674 |
| 6.87360573354918 | 0.995771483734714 |
| 5.1745208648225 | 5.30271202891051 |
| 8.11446186681305 | 1.75614693497247 |
| 6.37707132354228 | 1.61831974147985 |
| 6.45512211490631 | 3.64448750820633 |
| 9.22117680728741 | 1.70733501711894 |
| 5.48564082161762 | 7.04627500355033 |
| 5.35947899336833 | 1.27813896755685 |
| 7.94618123907764 | 4.15397133561791 |
| 9.07599674607921 | 1.16043867176101 |
| 5.93830229210516 | 1.85895923667266 |
| 5.19349817083735 | 2.23016631454613 |
| 5.73542586250946 | 3.55623346475495 |
| 4.24692677364627 | 5.06210419662599 |
| 6.92017869172768 | 2.75081756999186 |
| 6.2413183499333 | 2.80196053996612 |
| 7.31159339227286 | 2.46386874868649 |
| 6.93462507188349 | 3.55205071999603 |
| 5.48812850656699 | 3.72327575183345 |
| 3.86593791151687 | 3.96051176488162 |
| 5.82294931652451 | 2.24577631035712 |
| 4.48115202654185 | 5.28869343690669 |
| 7.17687433387695 | 4.74855064923298 |
| 7.80456712861403 | 2.93241674584059 |
| 5.27057100107374 | 5.51857239945326 |
| 4.41564104514289 | 3.34356299880988 |
| 6.18133349427862 | 3.15118558353556 |
| 5.01665807099412 | 3.49347594856723 |
| 5.62994107391722 | 3.63178292444995 |
| 4.17375447370574 | 4.51737016083672 |
| 6.09743260385572 | 2.73389432936323 |
| 4.46377311808444 | 4.15424792983993 |
| 6.99280952961159 | 4.06480642411835 |
| 7.35849382715281 | 3.88671176643861 |
| 4.91758047384722 | 3.74855051428921 |
| 6.67441999299124 | 8.79060675200652 |
| 4.32127730186172 | 2.64856890350717 |
| 6.1561991101537 | 2.50584962755379 |
| 6.94832311412785 | 2.48425374223597 |
| 4.37331715736255 | 3.80731382181361 |
| 6.05708111913425 | 5.45266104856599 |
| 4.84208014345307 | 6.08207900354086 |
| 5.87735194713571 | 3.68553423362786 |
| 7.86615414545731 | 3.53404456069545 |
| 6.23216551563017 | 6.20116858201443 |
| 3.5653397228912 | 3.50916166179253 |
| 6.37966935057421 | 5.3014377889497 |
| 6.61764330278461 | 3.87359635895293 |
| 6.52931060318985 | 4.13550298949738 |
| 6.2903976031784 | 5.41092111015362 |
| 4.12221855059068 | 8.70697846691658 |
| 6.94701802904851 | 0.698646298832899 |
| 8.15197816405807 | 0.589600032563316 |
| 7.22173625193233 | 0.835906744868988 |
| 5.9927364228745 | 0.740204206765709 |
| 8.32768373291687 | 1.18030935747549 |
| 6.93362555918902 | 2.47988048778945 |
| 8.37157859635765 | 2.09319123118407 |
| 7.45663347270888 | 1.353604885429 |
| 8.29704395521361 | 0.930683267026577 |
| 7.11009390334608 | 0.498431982957076 |
| 8.96803139018764 | 0.403897344850223 |
| 8.51921348728345 | 0.9462178036534 |
| 6.45398370917636 | 3.52211943198796 |
| 6.79674845950363 | 2.24599302354082 |
| 6.54792188342515 | 1.21973529863333 |
| 6.43026541747279 | 1.62715289233174 |
| 8.56697426606733 | 0.730850345819291 |
| 7.57239528860285 | 1.17507680500511 |
| 7.16096362815194 | 0.993202065895069 |
| 7.20946135500625 | 2.67035167886744 |
| 6.2123388311628 | 2.74209732278123 |
| 7.71905931021098 | 0.981553949275559 |
| 6.73481191118473 | 0.873003749520938 |
| 6.54872764664124 | 1.31902134028869 |
| 7.28295166539197 | 3.17827537628192 |
| 7.21175655644096 | 1.35766970709447 |
| 9.41168295210448 | 0.897965680689343 |
| 7.39083318146536 | 1.85507484411027 |
| 7.55455971456592 | 1.04209128818788 |
| 6.31898002469426 | 2.47640225478099 |
| 6.13749551688638 | 2.77897849917701 |
| 8.29166297632376 | 0.759066143477146 |
| 6.29143803883497 | 1.00313687355966 |
| 6.25126575195952 | 2.39481802954521 |
| 6.83837771350545 | 1.97295046843746 |
| 7.79215383459516 | 0.764587088183583 |
| 6.33307448451147 | 2.25129256911819 |
| 7.50095070927754 | 0.73282926350591 |
| 6.01464511713834 | 1.1360727745641 |
| 5.37332050075724 | 2.10836973869075 |
| 8.55887265754983 | 1.00001850268985 |
| 5.87196945687489 | 5.50243046491632 |
| 7.4069351070004 | 1.17022336097487 |
| 5.69631149822662 | 1.43573147514198 |
| 9.77122132107033 | 1.06667198269544 |
| 9.31182813472302 | 2.20495386863212 |
| 6.10398742588838 | 1.51317753662231 |
| 5.85562842031516 | 2.51229814382031 |
| 6.83970856871208 | 0.854240996091276 |
| 8.04930249077199 | 1.33437345476307 |
| 8.62747115798036 | 0.605981219330396 |
| 8.05712722613126 | 0.870719558691626 |
| 7.93795513906968 | 0.760072940811501 |
| 8.5038772506782 | 1.18421939092059 |
| 6.9499847455727 | 0.705040159276036 |
| 6.48593189070535 | 1.96528765276927 |
| 4.57000176835166 | 1.35708928950392 |
| 6.97975104269438 | 1.6389702763299 |
| 6.16455930807968 | 0.780962920595591 |
| 6.59656194806123 | 3.43822205804354 |
| 6.03397068368029 | 5.38671646642419 |
| 7.50419544855213 | 3.15724213012149 |
| 7.79881484887242 | 1.32255046134193 |
| 7.63484795336521 | 2.29309288127392 |
| 7.45075152615865 | 1.13714404113142 |
| 6.13886745192481 | 2.15140675258358 |
| 8.07038022737985 | 0.973400466912799 |
| 6.74797388273378 | 1.24763574858764 |
| 8.21425208462626 | 1.49616990980574 |
| 7.41964864081888 | 1.57150785069058 |
| 7.20541860093898 | 0.996142138276761 |
| 8.87095865851136 | 1.1521771515553 |
| 7.50716208782055 | 0.427126631388904 |
| 9.08386410053748 | 0.805980723844441 |
| 8.21247085419665 | 1.82142959438657 |
| 7.62126390540695 | 1.00988216046526 |
| 4.33273972151249 | 2.177763742724 |
| 8.3550300116628 | 0.779354368673176 |
| 5.83069262447131 | 4.14921075733374 |
| 5.73956574903253 | 4.01301365946472 |
| 10.4374375472491 | 0.352237926575725 |
| 7.02449537613988 | 1.39520335964753 |
| 4.14882812093613 | 9.23382728809242 |
| 6.14743779709559 | 2.92829383695961 |
| 6.01410617163634 | 1.85755158008162 |
| 5.97507639159913 | 0.681146942230849 |
| 6.53764722653514 | 3.47927229674723 |
| 10.5003227104384 | 2.4256869629281 |
| 6.44567090772131 | 1.50918018232931 |
| 5.56226782923498 | 4.79158536604594 |
| 8.70821627658757 | 0.765806491491269 |
| 9.79657762171981 | 0.331626512552442 |
| 7.69627906162431 | 1.02153437581063 |
| 10.6968540787708 | 1.65604930827808 |
| 6.351128668359 | 1.11999301583277 |
| 8.31530033810763 | 2.619997431372 |
| 7.78912435402797 | 0.517308990323933 |
| 5.24797027602532 | 2.32413960906134 |
| 7.00780867115067 | 1.60068610478367 |
| 8.32229543853994 | 3.80025157777013 |
| 7.32712434479389 | 1.92632960158908 |
| 5.98805630173927 | 1.56777108891291 |
| 6.87999121592483 | 0.842427721417945 |
| 6.23852741037878 | 1.01401502749453 |
| 6.84482684405538 | 1.18074996797596 |
| 6.25493451295746 | 1.08829896788585 |
| 6.78028770539211 | 2.80748623091253 |
| 7.7251903880653 | 0.93415876084299 |
| 6.27435216021736 | 2.43132751116685 |
| 7.06962885094065 | 0.915022017273173 |
| 9.92884922623988 | 1.03689770638169 |
| 6.13189601657612 | 0.698658875515095 |
| 7.71443654480992 | 1.79768285393236 |
| 7.1886866407574 | 1.12189899321182 |
| 6.14139057151336 | 1.15577053171893 |
| 8.28645661036759 | 1.91669223465847 |
| 6.68611244862053 | 1.14362244053922 |
| 6.35528553172711 | 3.04693596306885 |
| 7.65482024095917 | 0.631209046513471 |
| 7.26336593145558 | 0.917071513619676 |
| 7.06112196204578 | 4.30735188847121 |
| 6.79138995710817 | 3.88028570171448 |
| 5.47134367507325 | 2.53525878403263 |
| 9.99217304089942 | 0.714957854524589 |
| 6.22178007985681 | 1.10340730504795 |
| 6.37057951183729 | 1.38136953625379 |
| 6.16943259900888 | 1.70482364081033 |
| 8.60513803043955 | 1.43372989736696 |
| 8.91342567428786 | 0.695543624486083 |
| 8.54999916826568 | 1.45926623275179 |
| 7.66664281195252 | 0.914391121658002 |
| 6.27235343352502 | 3.41707187666214 |
| 6.25939870676212 | 2.47640603231504 |
| 6.78804962258521 | 1.29632489956017 |
| 7.98970929878808 | 0.888288837978182 |
| 7.43246249854809 | 4.57831485619156 |
| 8.01030046858649 | 0.637247861556661 |
| 8.9713956829054 | 1.12484188061191 |
| 5.53898946658782 | 3.50220789797214 |
| 7.29910160182784 | 0.963131332862742 |
| 5.45036056245161 | 0.966244042219943 |
| 6.21036063659573 | 4.24898268509855 |
| 6.52363737340642 | 1.51340359645443 |
| 5.64054203230068 | 0.872863490276382 |
| 6.13158900165473 | 2.80755777837468 |
| 6.95657910039131 | 0.737999746356886 |
| 7.60975667291343 | 0.796250857397159 |
| 7.3900732494913 | 1.70797900250267 |
| 7.03533655902392 | 1.96020408914151 |
| 7.08817433418505 | 1.52332036868908 |
| 8.32318390185403 | 0.980378525780325 |
| 7.11179162842503 | 1.40134456563009 |
| 8.73840664069247 | 0.704563319833801 |
| 8.5234019254185 | 0.911781900116036 |
| 9.76212778988197 | 1.46667281724383 |
| 7.89772582816258 | 0.6699596545031 |
| 6.55162145285121 | 1.39216595298631 |
| 8.65533400820504 | 1.41216492801068 |
| 7.73008339265813 | 1.7452785947402 |
| 5.83567537347099 | 2.16992498236444 |
| 6.57754603909122 | 4.02681245562287 |
| 6.11549985017 | 1.00600986030354 |
| 7.69217620868579 | 4.24838880607922 |
| 6.17970845089893 | 4.11799569032454 |
| 8.38932811690015 | 1.45772672929955 |
| 6.07719419047277 | 0.865496908891915 |
| 8.09103331376429 | 1.12774681698367 |
| 3.98828628141479 | 7.35131792967511 |
| 6.25438143542021 | 1.98764467828737 |
| 5.94120081510605 | 1.41879607107447 |
| 7.06207712667013 | 1.34405859511233 |
| 5.61753287278863 | 3.99303112030647 |
| 7.69233812834258 | 1.04067682682449 |
| 6.26518351681418 | 2.33350119227544 |
| 7.46764392510666 | 1.01587323545597 |
| 6.61800238285971 | 1.71944231742536 |
| 8.90352010685139 | 0.637641830967929 |
| 8.44360511930103 | 0.597226424236989 |
| 9.3498071718105 | 1.30969972258359 |
| 9.05248941037853 | 1.38581555766902 |
| 6.22740458055364 | 3.76126720587385 |
| 6.7518371718546 | 4.11600852808062 |
| 7.12875053010582 | 1.02584350204402 |
| 6.39245091224012 | 1.88056904478209 |
| 6.07241394118603 | 1.11494132431724 |
| 6.70465643201671 | 1.85274112837265 |
| 9.30542192700975 | 0.687511202589389 |
| 5.80693693285114 | 0.857951239045649 |
| 7.16999473710567 | 1.29572047045393 |
| 8.47432595131631 | 1.18516544681437 |
| 7.50567740045803 | 0.914730913080602 |
| 8.08502458864713 | 0.483942268187231 |
| 7.15986635909462 | 1.35430963308741 |
| 5.52047357236738 | 3.61237121886521 |
| 6.55815583752004 | 0.633722333275456 |
| 5.79572866479444 | 3.85420271806397 |
| 8.16614443526462 | 1.31843492899547 |
| 7.96932488920595 | 1.28377160899653 |
| 7.23271721437434 | 0.994623992904286 |
| 6.14228286093299 | 3.29552085438257 |
| 6.96619048669464 | 1.21471855482324 |
| 6.65225986496355 | 1.94710293396327 |
| 4.80951970680142 | 2.78349218538354 |
| 6.64177422663259 | 0.943466249140414 |
| 7.38452263678379 | 4.6538846110121 |
| 8.2909614811158 | 1.39229487557133 |
| 8.07253108925379 | 1.07586206809017 |
| 6.00537588658377 | 1.77566975685807 |
| 6.90188335258316 | 2.61007919265241 |
| 6.92508431069746 | 1.8505714292384 |
| 8.18687211143654 | 1.51372692616906 |
| 8.47432957236092 | 4.70624472386503 |
| 9.37100584301385 | 1.1959454617883 |
| 5.38883070128314 | 3.9258782212468 |
| 7.83648278107904 | 0.811511771097136 |
| 7.86840077648447 | 1.45122937997531 |
| 6.05909895378072 | 2.09943466604976 |
| 6.96651103469456 | 2.2276095311361 |
| 6.55592126781836 | 3.6599257510006 |
| 6.31998534128411 | 1.01971220564952 |
| 7.19492548635349 | 1.08663450838901 |
| 6.08896432115815 | 1.60525467688282 |
| 6.77086422231585 | 3.4385013067373 |
| 6.89109265225084 | 0.709867201087194 |
| 7.56083021208189 | 1.58081844145943 |
| 7.55354749260882 | 3.43465545839728 |
| 5.49600266533201 | 4.06565377268926 |
| 9.00769838066702 | 1.14697630640248 |
| 7.04672901156465 | 2.10592957288532 |
| 7.29895747960931 | 1.45509729142779 |
| 5.65700846736574 | 3.76502204443857 |
| 6.48416316043576 | 1.4637278240324 |
| 6.68805711321899 | 3.85889365207913 |
| 7.76383801054735 | 0.447310752452739 |
| 6.91256629320856 | 1.68308089370753 |
| 8.04481157600842 | 1.3664041137096 |
| 6.21381662788915 | 5.82727785943166 |
| 8.12209256369453 | 1.88175286581772 |
| 6.39225325928592 | 1.64797788610622 |
| 7.12580016302405 | 0.838408458235214 |
| 8.44563146450618 | 2.29931832415896 |
| 6.25645170705609 | 3.72161441248437 |
| 6.386003226771 | 1.86147771776634 |
| 7.50780170669238 | 4.12886128234117 |
| 5.29871710845336 | 2.42916039816761 |
| 5.90503977718648 | 5.00418847522326 |
| 6.91976166926411 | 1.72006618526138 |
| 6.64093682549371 | 0.723456527915784 |
| 5.8438895504106 | 1.10652699741945 |
| 8.73846282316224 | 0.857289975672053 |
| 8.97417650777901 | 1.15690022610176 |
| 7.29368473782995 | 3.38289242756987 |
| 8.13165677361303 | 0.911610298213987 |
| 8.87384173153885 | 0.579755828902539 |
| 8.1382553418776 | 0.386638320599319 |
| 7.68326259211257 | 2.28085438561513 |
| 6.85909225831203 | 1.53662974729544 |
| 6.99256059335062 | 1.58545246086753 |
| 8.1434810040778 | 0.884125198327273 |
| 7.24167711652107 | 1.18175553268491 |
| 5.60119297926398 | 0.938127255285639 |
| 6.97514699219504 | 0.562683104513723 |
| 7.02619992945965 | 1.85747847969044 |
| 8.29745291205732 | 1.70833400703934 |
| 5.89516736344742 | 0.997328469018325 |
| 5.77059592387197 | 1.24425752547835 |
| 6.83458550351001 | 1.24658560473208 |
| 5.65572270520168 | 0.436157744005664 |
| 6.25867913368317 | 1.60635723038258 |
| 5.20871502317385 | 4.2782575543239 |
| 6.25503882525318 | 2.26953692299319 |
| 6.92818657998227 | 1.00949832986765 |
| 6.79156511157412 | 1.38225033444076 |
| 6.04489921959339 | 3.87559386850109 |
| 6.76352463687085 | 2.0618445569952 |
| 5.36132391293366 | 0.795182265421976 |
| 6.43787601227574 | 3.18516878333093 |
| 5.93066858869366 | 1.49504359362292 |
| 6.08877210617692 | 2.20167617683621 |
| 6.69769956063555 | 1.98621089657713 |
| 5.30554125315218 | 2.56443408529846 |
| 5.21801466558009 | 6.53751933351325 |
| 6.64893050680689 | 4.18310777377029 |
| 5.21203428713394 | 6.54938911236224 |
| 5.15191782959732 | 3.81089565066637 |
| 6.22379210606334 | 1.04941317410623 |
| 6.43419365191362 | 4.12454672998808 |
| 4.75008242942289 | 4.64056409661191 |
| 6.91784529251444 | 2.64688920659432 |
| 8.14250650149436 | 3.88295079601699 |
| 5.3847402259043 | 4.01811632483196 |
| 5.12723519710056 | 0.981914852324728 |
| 6.8463827668728 | 1.34865788616409 |
| 6.41119978350423 | 1.21914127474406 |
| 5.9223765615283 | 2.24926247060473 |
| 7.08610996702703 | 2.2818011222926 |
| 5.9208046933073 | 3.15567445296428 |
| 8.20198733989102 | 1.33331981717838 |
| 7.28590992887395 | 1.01254941936503 |
| 5.09055845963701 | 3.66883129404953 |
| 6.51093847958596 | 1.60490472166823 |
| 6.39929900858679 | 2.22264467604083 |
| 7.28137194088411 | 1.67705820501526 |
| 4.0380343203961 | 3.61946546639051 |
| 5.29906542976332 | 3.3065290995616 |
| 6.28515986206243 | 2.17960602230612 |
| 5.77107487446474 | 0.987477582678662 |
| 8.28751628630588 | 3.6524398367375 |
| 5.77337066739542 | 2.89048577539418 |
| 7.38197647852527 | 0.937012286477488 |
| 6.95408646122 | 7.4369090542684 |
| 5.49997056388865 | 4.9879122097887 |
| 6.69686235937861 | 1.38524385073028 |
| 7.81788606828081 | 0.645518943817571 |
| 7.6343598421205 | 1.98154330488135 |
| 5.04001056607985 | 4.13850203158512 |
| 5.48288938040235 | 3.69544741859051 |
| 5.32600212527694 | 4.33193954540572 |
| 5.16702629665723 | 4.42886691164557 |
| 7.39186066780388 | 1.22359008643403 |
| 6.97007097814216 | 2.76953851846657 |
| 6.45081326080856 | 2.37478200151204 |
| 8.38113290510674 | 2.89593758281587 |
| 5.86689859220436 | 0.662210064399446 |
| 5.95932404299349 | 2.18235698719945 |
| 4.49067371458659 | 4.46199210548259 |
| 6.21336397170008 | 3.39541464967222 |
| 6.08829186132366 | 1.6357661096134 |
| 6.28954308265156 | 2.42678353551281 |
| 6.66905543296546 | 1.7804107016027 |
| 6.80478985106906 | 3.69232637252548 |
| 5.8987676715407 | 2.73104338644779 |
| 6.5241309794314 | 4.15348925151108 |
| 7.35067207830544 | 4.30807456854673 |
| 5.11272583644096 | 6.03250980400494 |
| 5.72803667958466 | 3.85287883594108 |
| 6.35555086292018 | 2.82275990580612 |
| 5.59166350100159 | 3.24896297914464 |
| 5.86827661305034 | 1.54774997425669 |
| 6.50287415613809 | 2.8738796329161 |
| 5.93323269941282 | 4.66632838204145 |
| 6.32725353796177 | 3.04150414428938 |
| 6.5503732581903 | 4.28207288136264 |
| 8.91376499972393 | 2.37408334286055 |
| 7.90956603758734 | 1.03991472499736 |
| 7.5908940664033 | 3.35475526270138 |
| 6.64130313824037 | 2.42508353440142 |
| 5.42535957591547 | 1.06048508586329 |
| 7.10016337177263 | 3.55849743473188 |
| 5.63089609044785 | 3.08963787732216 |
| 8.27789827299313 | 4.39819262340864 |
| 6.39277039100796 | 5.14827161835929 |
| 7.53093913362263 | 1.21869966946247 |
| 9.08243884673379 | 1.29269708485004 |
| 6.82798491484151 | 0.801082053787796 |
| 6.88369526554578 | 1.15457589595791 |
| 6.61646248611221 | 2.87915349466924 |
| 6.3026190304861 | 2.99038336088916 |
| 7.71274928664142 | 5.78551769936562 |
| 7.88345844832784 | 1.32584481775985 |
| 8.06350916342922 | 2.19766764433046 |
| 6.6574161595061 | 1.79231445381115 |
| 7.31098852907776 | 1.24508197294259 |
| 6.51585086375331 | 3.77338586181268 |
| 5.24710595966607 | 5.24649236883223 |
| 4.74053773024582 | 5.98522712545921 |
| 7.55071899272969 | 3.2297625731449 |
| 6.79423920582918 | 3.79010357259453 |
| 5.05773868346213 | 5.00719243363725 |
| 5.99381003654187 | 2.04612833129786 |
| 4.16344448373271 | 4.37157858577124 |
| 4.65706095170574 | 6.21335976603734 |
| 6.87900749350859 | 4.71307222710099 |
| 7.23617119087337 | 5.77299003254075 |
| 5.32702864870451 | 6.93410625003796 |
| 8.73640490669985 | 0.980748327106741 |
| 7.15524000728647 | 2.00309912158787 |
Figure 4: Residual Credit Spreads and Firm Size
| Real sales | Residual credit spread |
|---|---|
| 7.61574359533025 | 0.681649359808719 |
| 8.12991118983535 | 0.110376246192598 |
| 7.10589484660469 | -1.14302449444082 |
| 7.20277208192038 | -0.329801001290741 |
| 7.23833648159005 | 1.20652924549661 |
| 7.79386964764445 | -0.392368469677692 |
| 5.63398736727879 | -0.119035543069839 |
| 5.68724520262333 | 1.16634065179146 |
| 6.00806503217686 | 1.26114810285958 |
| 6.20913356904893 | 0.228448410961667 |
| 3.72457752723591 | 2.89340325532498 |
| 6.7423849498774 | -1.14022253266754 |
| 5.61964878141773 | -1.24596628855715 |
| 6.88264376475339 | 0.0792831714586164 |
| 5.88681975160734 | 0.330892908261643 |
| 6.61297846846638 | -0.306042689163493 |
| 6.98116624266657 | 0.109921838937656 |
| 6.45874348908356 | -1.01321511413272 |
| 5.04900046785502 | 2.65617420279496 |
| 7.85543094085502 | -0.459218738449509 |
| 3.89526578787985 | 2.47868038094033 |
| 6.00260499005514 | 0.349297954068337 |
| 7.57084807393361 | -1.41159739845895 |
| 6.03962586599715 | 0.655714332958891 |
| 7.07372285691039 | -0.0436062408513796 |
| 5.12922083635338 | 0.353252282826192 |
| 6.52977723227856 | 1.1349884008341 |
| 6.47983959539609 | -0.403769435868609 |
| 8.09536505686583 | -0.775372875290128 |
| 5.26949280201183 | 0.56928748695767 |
| 5.93393686534964 | 0.752618307247255 |
| 5.91641203323895 | 0.466947948136098 |
| 7.35426518452741 | -0.576607316177745 |
| 7.93720365130591 | -0.90577304209644 |
| 6.85997507708997 | 1.98701911572467 |
| 1.3165081101963 | 3.63906521484235 |
| 6.28664966018655 | -0.206972598234357 |
| 6.51966491346519 | -0.0622774905434228 |
| 5.96970444051558 | -0.294452312579449 |
| 6.37458699322582 | 0.204810625266072 |
| 7.84570042092882 | 1.22365001205147 |
| 6.29607128292773 | -0.46378735717422 |
| 6.65390924981403 | -0.103642449710751 |
| 5.57423700989136 | 2.40281420079547 |
| 7.04811071729828 | -1.14239931601773 |
| 5.68417583579986 | -1.27843676948774 |
| 8.28095492661332 | -0.265195927804047 |
| 6.96017674466279 | -0.236399739196418 |
| 5.10529495299381 | 0.424647807874558 |
| 8.29007312750875 | -0.644393753239419 |
| 5.54163587013072 | 0.155603863887853 |
| 5.44690523608628 | 2.18413842039939 |
| 5.20319026655587 | 0.798241800362363 |
| 6.24609516976328 | 1.90020435112792 |
| 6.85739365521781 | -0.485059269787941 |
| 6.28777060622825 | 0.564051311654542 |
| 4.88577470864281 | 1.60039183081389 |
| 7.58128559725259 | 0.562157913467834 |
| 6.03087589137176 | 0.344398454566737 |
| 5.32750552880867 | 2.14379736966909 |
| 5.52274671763943 | 1.93170378004489 |
| 5.49243747488889 | 0.916572221813564 |
| 6.72399359225014 | -0.216575790208415 |
| 6.71520461221878 | -0.266611759489509 |
| 5.30512272905582 | 1.28631441804515 |
| 8.73811776542365 | -0.161373529119991 |
| 5.98403524802166 | 2.68978529891223 |
| 5.28795991779588 | 3.4745153227952 |
| 6.87360573354918 | -1.06621886923424 |
| 5.1745208648225 | 2.10785225304414 |
| 8.11446186681305 | -0.522042487514374 |
| 6.37707132354228 | 0.0690310278028071 |
| 6.45512211490631 | 0.409870541354477 |
| 9.22117680728741 | 0.137720765709681 |
| 5.48564082161762 | 2.95178943801943 |
| 5.35947899336833 | -0.747812648568854 |
| 7.94618123907764 | 0.794838683711833 |
| 9.07599674607921 | -0.782528351726561 |
| 5.93830229210516 | -0.475699981091054 |
| 5.19349817083735 | 0.751898424550402 |
| 5.73542586250946 | 0.178324092630451 |
| 4.24692677364627 | 1.6262774870493 |
| 6.92017869172768 | 0.191709133033273 |
| 6.2413183499333 | -0.271371593295224 |
| 7.31159339227286 | -0.0600956408335852 |
| 6.93462507188349 | 0.875692815454636 |
| 5.48812850656699 | -0.00740600699900914 |
| 3.86593791151687 | 2.83954319727674 |
| 5.82294931652451 | 0.589877646818949 |
| 4.48115202654185 | 1.79049523363548 |
| 7.17687433387695 | 1.20418021010352 |
| 7.80456712861403 | 0.0830103470851227 |
| 5.27057100107374 | 1.96282385078975 |
| 4.41564104514289 | 1.11022691767696 |
| 6.18133349427862 | 0.744466569699139 |
| 5.01665807099412 | 1.87468892242137 |
| 5.62994107391722 | 0.241068498464852 |
| 4.17375447370574 | 1.74602315500037 |
| 6.09743260385572 | -0.347604303151373 |
| 4.46377311808444 | 1.17644442178554 |
| 6.99280952961159 | 1.10594665738833 |
| 7.35849382715281 | 0.772602081888409 |
| 4.91758047384722 | 0.904749684246515 |
| 6.67441999299124 | 4.7753144458621 |
| 4.32127730186172 | -1.10028696518806 |
| 6.1561991101537 | 0.459006487387415 |
| 6.94832311412785 | -0.502653171255715 |
| 4.37331715736255 | 1.6318775373007 |
| 6.05708111913425 | 1.2084987268271 |
| 4.84208014345307 | 2.34814508033189 |
| 5.87735194713571 | 0.413846341378178 |
| 7.86615414545731 | 0.485412247830381 |
| 6.23216551563017 | 1.94684746304677 |
| 3.5653397228912 | -0.0280789244621334 |
| 6.37966935057421 | 0.780884207831724 |
| 6.61764330278461 | 0.846277971496405 |
| 6.52931060318985 | 2.0779005374258 |
| 6.2903976031784 | 1.39169775461082 |
| 4.12221855059068 | 4.44438983048408 |
| 6.94701802904851 | 0.216319844229659 |
| 8.15197816405807 | -0.266003829875287 |
| 7.22173625193233 | -0.360246952358904 |
| 5.9927364228745 | -0.0352869370604728 |
| 8.32768373291687 | -0.421364361297261 |
| 6.93362555918902 | 0.111298129388497 |
| 8.37157859635765 | 0.0321243775398961 |
| 7.45663347270888 | -0.201522026303133 |
| 8.29704395521361 | -0.294388979536573 |
| 7.11009390334608 | -0.00589987274550816 |
| 8.96803139018764 | -0.394078767958468 |
| 8.51921348728345 | -0.636367552695692 |
| 6.45398370917636 | 0.784382019675476 |
| 6.79674845950363 | -1.16788957478807 |
| 6.54792188342515 | -0.458425651268673 |
| 6.43026541747279 | -0.353197021562178 |
| 8.56697426606733 | -0.0577796392625209 |
| 7.57239528860285 | -0.527905840704658 |
| 7.16096362815194 | -0.685393476708461 |
| 7.20946135500625 | 0.492473303638471 |
| 6.2123388311628 | 0.794006989321391 |
| 7.71905931021098 | -0.322782017512252 |
| 6.73481191118473 | -0.0874227763964983 |
| 6.54872764664124 | 0.0124638811391916 |
| 7.28295166539197 | 0.679621493976988 |
| 7.21175655644096 | -0.707794565180262 |
| 9.41168295210448 | -0.527073325120817 |
| 7.39083318146536 | -0.353385508689921 |
| 7.55455971456592 | -0.526008339182941 |
| 6.31898002469426 | 0.356140296516463 |
| 6.13749551688638 | 0.577342545009521 |
| 8.29166297632376 | -0.382476809787364 |
| 6.29143803883497 | -0.947326850457377 |
| 6.25126575195952 | 0.522365868524607 |
| 6.83837771350545 | 0.145257977001711 |
| 7.79215383459516 | 0.252079283303233 |
| 6.33307448451147 | 0.0139535964961413 |
| 7.50095070927754 | -0.520299763428182 |
| 6.01464511713834 | 0.364128883889102 |
| 5.37332050075724 | 1.11633018215806 |
| 8.55887265754983 | -1.00224836276067 |
| 5.87196945687489 | 2.3329730025541 |
| 7.4069351070004 | -0.403464236195958 |
| 5.69631149822662 | 0.0397155674019983 |
| 9.77122132107033 | -0.139466430501354 |
| 9.31182813472302 | -0.397533109076294 |
| 6.10398742588838 | -0.127564173588332 |
| 5.85562842031516 | 0.790214659569602 |
| 6.83970856871208 | -0.349056933109866 |
| 8.04930249077199 | -0.115563112651738 |
| 8.62747115798036 | -0.469250702384474 |
| 8.05712722613126 | -1.52704041496458 |
| 7.93795513906968 | -0.425924593717101 |
| 8.5038772506782 | -0.840294677174206 |
| 6.9499847455727 | -0.746164536346484 |
| 6.48593189070535 | -0.160833156893849 |
| 4.57000176835166 | -1.13722761111391 |
| 6.97975104269438 | 0.122176328415633 |
| 6.16455930807968 | -0.0924374168926928 |
| 6.59656194806123 | -0.0923950180825568 |
| 6.03397068368029 | 2.25069606531743 |
| 7.50419544855213 | 0.456777686173033 |
| 7.79881484887242 | 0.0416842643254737 |
| 7.63484795336521 | -0.322701342003586 |
| 7.45075152615865 | -0.244765213360406 |
| 6.13886745192481 | 0.0491427339131546 |
| 8.07038022737985 | -1.49117064530994 |
| 6.74797388273378 | -0.261404676817115 |
| 8.21425208462626 | 0.03866388864876 |
| 7.41964864081888 | -0.0583031296906356 |
| 7.20541860093898 | -0.41325526969776 |
| 8.87095865851136 | -0.334459971517778 |
| 7.50716208782055 | -0.178204454340591 |
| 9.08386410053748 | -0.541758483368293 |
| 8.21247085419665 | -0.0836317328780802 |
| 7.62126390540695 | -0.329314210638723 |
| 4.33273972151249 | -0.105208828927104 |
| 8.3550300116628 | -0.62783631051865 |
| 5.83069262447131 | 0.746592404521776 |
| 5.73956574903253 | 1.15116546313368 |
| 10.4374375472491 | -0.179043656998031 |
| 7.02449537613988 | -0.460125232970027 |
| 4.14882812093613 | 4.86009215789214 |
| 6.14743779709559 | 1.04903917611978 |
| 6.01410617163634 | -0.143404792757523 |
| 5.97507639159913 | 0.116732406750023 |
| 6.53764722653514 | 1.27606623164632 |
| 10.5003227104384 | -0.612454169733053 |
| 6.44567090772131 | -0.511335580341114 |
| 5.56226782923498 | 1.34827165431216 |
| 8.70821627658757 | -1.07037892011844 |
| 9.79657762171981 | -1.44146542722011 |
| 7.69627906162431 | 0.0463779849872289 |
| 10.6968540787708 | -1.40099846880416 |
| 6.351128668359 | 0.367599605616443 |
| 8.31530033810763 | 0.413966020424363 |
| 7.78912435402797 | -0.480890888284624 |
| 5.24797027602532 | 0.111598085408921 |
| 7.00780867115067 | -0.393981807048324 |
| 8.32229543853994 | 0.510787682505284 |
| 7.32712434479389 | 0.325446757749053 |
| 5.98805630173927 | -0.430952446002862 |
| 6.87999121592483 | -0.598692518894552 |
| 6.23852741037878 | 0.168792179320352 |
| 6.84482684405538 | -0.305511460968485 |
| 6.25493451295746 | -0.405218357660325 |
| 6.78028770539211 | 0.327956213734455 |
| 7.7251903880653 | -0.165342550404291 |
| 6.27435216021736 | -0.194234707265331 |
| 7.06962885094065 | -0.422556913057329 |
| 9.92884922623988 | -1.07602066433061 |
| 6.13189601657612 | 0.0500156840094231 |
| 7.71443654480992 | 0.874102308234565 |
| 7.1886866407574 | -0.357293275957651 |
| 6.14139057151336 | -1.08598019413325 |
| 8.28645661036759 | 0.178301928127026 |
| 6.68611244862053 | -0.831833723726079 |
| 6.35528553172711 | 0.403830069157005 |
| 7.65482024095917 | -0.286529357479635 |
| 7.26336593145558 | -0.194514675451377 |
| 7.06112196204578 | 2.29171588748136 |
| 6.79138995710817 | 3.05918155370817 |
| 5.47134367507325 | 0.713914605679475 |
| 9.99217304089942 | -0.704048544579963 |
| 6.22178007985681 | -0.216742732850369 |
| 6.37057951183729 | -0.227959059681784 |
| 6.16943259900888 | -0.184467662233692 |
| 8.60513803043955 | -0.611973314812537 |
| 8.91342567428786 | -0.151754209419276 |
| 8.54999916826568 | -0.216437815335648 |
| 7.66664281195252 | -0.435654492495687 |
| 6.27235343352502 | 1.18144379929604 |
| 6.25939870676212 | 0.333387369930407 |
| 6.78804962258521 | -0.0838909662112347 |
| 7.98970929878808 | -0.0610943998148583 |
| 7.43246249854809 | 1.41772216453916 |
| 8.01030046858649 | -0.405448802025962 |
| 8.9713956829054 | -0.653559360237783 |
| 5.53898946658782 | 1.32937050522832 |
| 7.29910160182784 | 0.120572173257672 |
| 5.45036056245161 | -0.164621339245865 |
| 6.21036063659573 | 0.553971637523186 |
| 6.52363737340642 | -0.190125765140418 |
| 5.64054203230068 | -0.861958431316249 |
| 6.13158900165473 | 0.553069827071411 |
| 6.95657910039131 | 0.418353556286673 |
| 7.60975667291343 | 0.228830642625229 |
| 7.3900732494913 | -0.137432081384579 |
| 7.03533655902392 | 0.252843880019453 |
| 7.08817433418505 | -1.55290850074274 |
| 8.32318390185403 | -0.0898239040956856 |
| 7.11179162842503 | 0.073155339205299 |
| 8.73840664069247 | -0.512652814929547 |
| 8.5234019254185 | -0.388228380667342 |
| 9.76212778988197 | 0.75878458176391 |
| 7.89772582816258 | -0.443513972979863 |
| 6.55162145285121 | -1.13331684633825 |
| 8.65533400820504 | -0.352046616695528 |
| 7.73008339265813 | 0.221314977308512 |
| 5.83567537347099 | -1.22779599108197 |
| 6.57754603909122 | 1.148354521409 |
| 6.11549985017 | 0.271536905540857 |
| 7.69217620868579 | 0.794902454905307 |
| 6.17970845089893 | 0.898097963127747 |
| 8.38932811690015 | -0.451649138115842 |
| 6.07719419047277 | 0.103322457822179 |
| 8.09103331376429 | -1.08970757361337 |
| 3.98828628141479 | 3.19746057321046 |
| 6.25438143542021 | 0.11840520058075 |
| 5.94120081510605 | -0.656543242356656 |
| 7.06207712667013 | -0.51013404757969 |
| 5.61753287278863 | 1.23173430533382 |
| 7.69233812834258 | -0.30023230638396 |
| 6.26518351681418 | 0.451613327052946 |
| 7.46764392510666 | -0.793548992346249 |
| 6.61800238285971 | 0.0605284068658602 |
| 8.90352010685139 | -0.321773514134267 |
| 8.44360511930103 | -0.514224197836419 |
| 9.3498071718105 | 0.00332821465886711 |
| 9.05248941037853 | -0.422601380764279 |
| 6.22740458055364 | 1.47098944502551 |
| 6.7518371718546 | 1.04386049038838 |
| 7.12875053010582 | -0.874268001476732 |
| 6.39245091224012 | 0.292921605887012 |
| 6.07241394118603 | 0.112200884904368 |
| 6.70465643201671 | 1.27107525416698 |
| 9.30542192700975 | -0.344413537856834 |
| 5.80693693285114 | -0.730010581742813 |
| 7.16999473710567 | 0.166594278237492 |
| 8.47432595131631 | -0.819010557281278 |
| 7.50567740045803 | -0.548290055842706 |
| 8.08502458864713 | -0.100756852857399 |
| 7.15986635909462 | -0.0964884663644364 |
| 5.52047357236738 | 1.2793111140042 |
| 6.55815583752004 | -0.161874384583334 |
| 5.79572866479444 | 1.47465601678603 |
| 8.16614443526462 | -0.497362962614436 |
| 7.96932488920595 | -0.683637344081518 |
| 7.23271721437434 | -0.26056278142319 |
| 6.14228286093299 | 0.708407834794742 |
| 6.96619048669464 | 0.166247116601534 |
| 6.65225986496355 | -0.609696945596991 |
| 4.80951970680142 | 0.901792660948519 |
| 6.64177422663259 | -0.4357025139665 |
| 7.38452263678379 | 1.48384612436381 |
| 8.2909614811158 | -0.536431537974329 |
| 8.07253108925379 | -1.00998873617715 |
| 6.00537588658377 | 0.489649850220693 |
| 6.90188335258316 | 0.187433934811367 |
| 6.92508431069746 | -1.37843421558651 |
| 8.18687211143654 | -0.0238669855292065 |
| 8.47432957236092 | 0.75011969630939 |
| 9.37100584301385 | 0.161917353774919 |
| 5.38883070128314 | 1.13463615734793 |
| 7.83648278107904 | -0.433473193340194 |
| 7.86840077648447 | -0.883254447354081 |
| 6.05909895378072 | 0.540087845669502 |
| 6.96651103469456 | -0.391617479144187 |
| 6.55592126781836 | 0.577632708619668 |
| 6.31998534128411 | 0.049528991105756 |
| 7.19492548635349 | 0.227794704405099 |
| 6.08896432115815 | 0.274267467006334 |
| 6.77086422231585 | 0.980432709861538 |
| 6.89109265225084 | -0.285256863285059 |
| 7.56083021208189 | -0.457788054671697 |
| 7.55354749260882 | 0.725763604183485 |
| 5.49600266533201 | 0.683337773845354 |
| 9.00769838066702 | -0.319443582228385 |
| 7.04672901156465 | 1.43657033618651 |
| 7.29895747960931 | 0.154949025420784 |
| 5.65700846736574 | 1.18645516314896 |
| 6.48416316043576 | -0.000141176043874642 |
| 6.68805711321899 | 1.47216731952785 |
| 7.76383801054735 | 0.115497342285983 |
| 6.91256629320856 | -0.0454745413213005 |
| 8.04481157600842 | -0.71113881180679 |
| 6.21381662788915 | 1.84744907724959 |
| 8.12209256369453 | -0.632850577531314 |
| 6.39225325928592 | 0.258050622994764 |
| 7.12580016302405 | -0.640770084966734 |
| 8.44563146450618 | -0.31076382360375 |
| 6.25645170705609 | 0.834892456435778 |
| 6.386003226771 | 0.0481535003977182 |
| 7.50780170669238 | 0.981654459371314 |
| 5.29871710845336 | 0.912258510978043 |
| 5.90503977718648 | 1.54924986443901 |
| 6.91976166926411 | -0.280259509353754 |
| 6.64093682549371 | 0.211393664199175 |
| 5.8438895504106 | -0.755686859852956 |
| 8.73846282316224 | -0.791119109076807 |
| 8.97417650777901 | -1.72626318379033 |
| 7.29368473782995 | 0.315287752904817 |
| 8.13165677361303 | -0.681833234832671 |
| 8.87384173153885 | 0.747575109094607 |
| 8.1382553418776 | 0.274175546238669 |
| 7.68326259211257 | 1.0190457465725 |
| 6.85909225831203 | 0.0917125202503922 |
| 6.99256059335062 | 0.149157312926356 |
| 8.1434810040778 | -1.90664182630078 |
| 7.24167711652107 | -0.427534037815738 |
| 5.60119297926398 | -0.414317803795343 |
| 6.97514699219504 | -0.604750357181408 |
| 7.02619992945965 | 1.14427968134294 |
| 8.29745291205732 | -0.33904098901653 |
| 5.89516736344742 | -0.4634685175679 |
| 5.77059592387197 | -1.39121305618588 |
| 6.83458550351001 | 0.307854421379071 |
| 5.65572270520168 | -1.34755055387927 |
| 6.25867913368317 | 0.051423491989111 |
| 5.20871502317385 | 0.882813206249085 |
| 6.25503882525318 | 0.146300523827224 |
| 6.92818657998227 | -1.95088779896939 |
| 6.79156511157412 | -0.0886339194271226 |
| 6.04489921959339 | 1.39247735836511 |
| 6.76352463687085 | 0.516424492227096 |
| 5.36132391293366 | -0.396796303580839 |
| 6.43787601227574 | 2.56401864619018 |
| 5.93066858869366 | -1.10029801800202 |
| 6.08877210617692 | 0.783944171275435 |
| 6.69769956063555 | 0.717849406250392 |
| 5.30554125315218 | 0.385279359409533 |
| 5.21801466558009 | 3.01535507733742 |
| 6.64893050680689 | 0.4982726231068 |
| 5.21203428713394 | 2.67969233878337 |
| 5.15191782959732 | 0.95393783115744 |
| 6.22379210606334 | -1.09814016036621 |
| 6.43419365191362 | 0.414338622633322 |
| 4.75008242942289 | 1.18271250404337 |
| 6.91784529251444 | -0.0499839462982115 |
| 8.14250650149436 | 0.791618772123907 |
| 5.3847402259043 | 1.32941875196129 |
| 5.12723519710056 | 0.519359369944405 |
| 6.8463827668728 | -0.360951469832692 |
| 6.41119978350423 | -1.17295612899238 |
| 5.9223765615283 | 0.389574251193323 |
| 7.08610996702703 | -0.12434972671163 |
| 5.9208046933073 | 1.55690553349996 |
| 8.20198733989102 | -1.02209841117436 |
| 7.28590992887395 | -0.663020029923547 |
| 5.09055845963701 | 1.76955686523687 |
| 6.51093847958596 | -0.14181395639099 |
| 6.39929900858679 | -0.269609356536832 |
| 7.28137194088411 | -0.120721948320098 |
| 4.0380343203961 | 2.72609508985019 |
| 5.29906542976332 | 0.826241359315955 |
| 6.28515986206243 | -0.295331549620799 |
| 5.77107487446474 | 0.111004903811383 |
| 8.28751628630588 | 0.471801841169671 |
| 5.77337066739542 | 0.801066966425954 |
| 7.38197647852527 | -1.16086589967975 |
| 6.95408646122 | 2.74593636313698 |
| 5.49997056388865 | 1.13038167335351 |
| 6.69686235937861 | -0.000258106074761736 |
| 7.81788606828081 | -1.26347710546636 |
| 7.6343598421205 | 0.302226599436196 |
| 5.04001056607985 | 1.17361719778426 |
| 5.48288938040235 | 1.30482433190788 |
| 5.32600212527694 | 0.673113243837495 |
| 5.16702629665723 | 1.15902996824809 |
| 7.39186066780388 | -0.526863039630572 |
| 6.97007097814216 | 0.799180014994277 |
| 6.45081326080856 | -0.602026840753486 |
| 8.38113290510674 | 0.499398980115283 |
| 5.86689859220436 | -0.725080381378649 |
| 5.95932404299349 | 0.250621274513695 |
| 4.49067371458659 | 1.43431591384275 |
| 6.21336397170008 | 0.205871050150183 |
| 6.08829186132366 | -0.545761049879419 |
| 6.28954308265156 | 0.887813159055363 |
| 6.66905543296546 | -0.116156832426026 |
| 6.80478985106906 | 0.399199498336439 |
| 5.8987676715407 | 0.0753670873389782 |
| 6.5241309794314 | 0.819936497709308 |
| 7.35067207830544 | 0.908092730140333 |
| 5.11272583644096 | 2.52187085584746 |
| 5.72803667958466 | 1.25457142032082 |
| 6.35555086292018 | 0.696986790176282 |
| 5.59166350100159 | 0.449975845554427 |
| 5.86827661305034 | -0.0618387997449127 |
| 6.50287415613809 | 0.0397578289429297 |
| 5.93323269941282 | 1.80168754741346 |
| 6.32725353796177 | 0.00430947886366331 |
| 6.5503732581903 | 1.0378271400466 |
| 8.91376499972393 | -0.433802643612381 |
| 7.90956603758734 | -1.30098633533907 |
| 7.5908940664033 | 1.09294368221231 |
| 6.64130313824037 | 0.0393206577218864 |
| 5.42535957591547 | -1.08792697024331 |
| 7.10016337177263 | 0.374459108407151 |
| 5.63089609044785 | 0.978341795437467 |
| 8.27789827299313 | 0.258503447279472 |
| 6.39277039100796 | 1.6094960760233 |
| 7.53093913362263 | -0.485401015400752 |
| 9.08243884673379 | -1.2169133436567 |
| 6.82798491484151 | -0.821169650775117 |
| 6.88369526554578 | -0.446339767614345 |
| 6.61646248611221 | -0.34260388661632 |
| 6.3026190304861 | 0.173557377130347 |
| 7.71274928664142 | 2.38811607460701 |
| 7.88345844832784 | -0.689514749081405 |
| 8.06350916342922 | -0.525486872059016 |
| 6.6574161595061 | -0.050759118512874 |
| 7.31098852907776 | -0.305353045764762 |
| 6.51585086375331 | 1.13264144654333 |
| 5.24710595966607 | 2.0062012647342 |
| 4.74053773024582 | 1.65856766775338 |
| 7.55071899272969 | 0.377124374050469 |
| 6.79423920582918 | 0.49326321644044 |
| 5.05773868346213 | 2.09077913857217 |
| 5.99381003654187 | 0.457430398364012 |
| 4.16344448373271 | 2.02581374331647 |
| 4.65706095170574 | 1.82540265959887 |
| 6.87900749350859 | 1.45862280614838 |
| 7.23617119087337 | 1.30514910121186 |
| 5.32702864870451 | 2.26522675878204 |
| 8.73640490669985 | -0.644508778663969 |
| 7.15524000728647 | -0.818801603931831 |
Figure 5: Dispersion of Firm-Level Borrowing Costs in U.S. Manufacturing
| Date | Real interest rates 90th percentile | Real interest rates Median | Real interest rates 10th percentile |
|---|---|---|---|
| 1985-01-01 | 8.50548678421249 | 7.381580666958 | 7.02721019722172 |
| 1985-04-01 | 7.81417430667786 | 6.66064688674178 | 6.20851569431465 |
| 1985-07-01 | 7.19056740594636 | 5.99656230506276 | 5.61841407037414 |
| 1985-10-01 | 6.95605580905264 | 5.8853202037771 | 5.09133663537865 |
| 1986-01-01 | 7.31103766196682 | 5.47937034836205 | 4.56528263664377 |
| 1986-04-01 | 7.11670712694996 | 4.87141675536122 | 3.74232165804093 |
| 1986-07-01 | 7.53719186342604 | 4.95815262565117 | 3.89428603967688 |
| 1986-10-01 | 7.20388034690921 | 4.65853675685547 | 3.51493699900671 |
| 1987-01-01 | 6.36107201670341 | 3.92148549775946 | 2.92286480858812 |
| 1987-04-01 | 7.52616730982082 | 4.77022145558802 | 3.98033018681422 |
| 1987-07-01 | 6.81425830820533 | 4.97897243477818 | 4.29187909852113 |
| 1987-10-01 | 7.82164676344306 | 5.79439201883301 | 4.94082949989333 |
| 1988-01-01 | 7.30195547581634 | 4.94354640782795 | 4.15595860880895 |
| 1988-04-01 | 6.86751540707358 | 5.40670528704734 | 4.7257761158677 |
| 1988-07-01 | 6.95899032811761 | 5.66438095476473 | 5.03840759414866 |
| 1988-10-01 | 7.33163474485571 | 5.86986617151049 | 5.30958214744794 |
| 1989-01-01 | 7.66825158167682 | 6.08425304502834 | 5.55918770913106 |
| 1989-04-01 | 7.87980636613479 | 5.75431025017643 | 5.22131620518331 |
| 1989-07-01 | 7.26484938372469 | 5.27140915733107 | 4.76883774401977 |
| 1989-10-01 | 7.09812371103847 | 5.35806407431938 | 4.87148783244794 |
| 1990-01-01 | 7.51090680533017 | 5.95509384164881 | 5.48516061943081 |
| 1990-04-01 | 7.38807450695558 | 5.87653526414422 | 5.43903103829404 |
| 1990-07-01 | 6.78358682330738 | 5.86997096040234 | 5.41718465875767 |
| 1990-10-01 | 7.26198118160303 | 5.93296833728194 | 5.39025514411588 |
| 1991-01-01 | 6.82321497410009 | 5.46257763350191 | 4.9658516214462 |
| 1991-04-01 | 6.54967549041407 | 5.3441667704933 | 4.8858426096679 |
| 1991-07-01 | 6.40878430572097 | 5.40948892772815 | 5.04303606250051 |
| 1991-10-01 | 6.01584177421014 | 4.98161233367305 | 4.55077127970739 |
| 1992-01-01 | 6.18582002315105 | 5.25531614859683 | 4.79393633792323 |
| 1992-04-01 | 6.03205634860869 | 4.93125594407636 | 4.59663570909036 |
| 1992-07-01 | 6.85502687563186 | 4.52685134038726 | 4.06993156867389 |
| 1992-10-01 | 6.68576310671774 | 4.81372277129062 | 4.23069815698015 |
| 1993-01-01 | 6.75185930977713 | 4.4281071403811 | 3.92070605434113 |
| 1993-04-01 | 6.55192123642573 | 3.92798759183684 | 3.43772446902716 |
| 1993-07-01 | 6.38528899008784 | 3.72191785304794 | 3.2348719964719 |
| 1993-10-01 | 6.37461114176195 | 3.72479654633685 | 3.13314596512115 |
| 1994-01-01 | 6.18966456583138 | 4.08194799901351 | 3.59574925158107 |
| 1994-04-01 | 7.31913300568384 | 5.00195287226651 | 4.55425343959986 |
| 1994-07-01 | 7.65741801405879 | 5.15106881094503 | 4.79222044670966 |
| 1994-10-01 | 7.79314545752316 | 5.6827253862817 | 5.33589134544874 |
| 1995-01-01 | 8.08471835409542 | 5.51431694593522 | 5.18518454601098 |
| 1995-04-01 | 7.51189975858784 | 4.58308967211406 | 4.30137059872035 |
| 1995-07-01 | 7.51933547058054 | 4.4772059974394 | 4.14884329541402 |
| 1995-10-01 | 7.88766263204335 | 4.25547759642375 | 3.90129137162282 |
| 1996-01-01 | 7.75033279751337 | 4.28461838311681 | 3.90883884515014 |
| 1996-04-01 | 7.87762468513881 | 5.02507351616472 | 4.68878148845632 |
| 1996-07-01 | 7.57263883108587 | 5.00323498490966 | 4.69998133191606 |
| 1996-10-01 | 7.05280634817039 | 4.57634035177799 | 4.27177833555851 |
| 1997-01-01 | 6.85368914852747 | 4.75504854141479 | 4.46986262623806 |
| 1997-04-01 | 7.12110386520251 | 5.09887935410126 | 4.78713818388693 |
| 1997-07-01 | 6.6956573414827 | 4.51377548331384 | 4.20482967843342 |
| 1997-10-01 | 6.94411274402766 | 4.66095657410387 | 4.32470269050435 |
| 1998-01-01 | 6.53211127650924 | 4.50209114080653 | 4.13067767770078 |
| 1998-04-01 | 6.55182347290455 | 4.57028192939172 | 4.22228758141676 |
| 1998-07-01 | 7.44650385046678 | 4.65677425344564 | 4.11541974958979 |
| 1998-10-01 | 6.84715387226519 | 4.45769808508198 | 3.79732102365868 |
| 1999-01-01 | 6.66293862287282 | 4.93822215172892 | 4.22684160386034 |
| 1999-04-01 | 6.54459253051432 | 5.16679175977621 | 4.56791673450786 |
| 1999-07-01 | 7.47546889546969 | 5.72639909622807 | 5.12910143626865 |
| 1999-10-01 | 7.64757444042248 | 5.91090442053522 | 5.25280111203601 |
| 2000-01-01 | 8.055496156142 | 6.31702812694116 | 5.60991524548493 |
| 2000-04-01 | 8.7596880027326 | 6.53671685294675 | 5.55918677068419 |
| 2000-07-01 | 8.73363813626294 | 6.2677555126246 | 5.2754861560613 |
| 2000-10-01 | 9.57994822484821 | 6.15456175079198 | 4.95215216566904 |
| 2001-01-01 | 8.66262001563496 | 5.52814369601267 | 4.31324095956933 |
| 2001-04-01 | 8.1989406588682 | 5.56318032151929 | 4.50433578571323 |
| 2001-07-01 | 8.66148761724804 | 5.33482771508502 | 4.29568116942417 |
| 2001-10-01 | 8.69518815538654 | 5.31424176099643 | 3.9902460546706 |
| 2002-01-01 | 8.16431611265574 | 5.51721234432501 | 4.23236472903526 |
| 2002-04-01 | 8.04431754588682 | 5.17840153993012 | 4.20066113165386 |
| 2002-07-01 | 9.54938867646289 | 4.54040485280559 | 3.46006799329684 |
| 2002-10-01 | 9.69293644853121 | 4.30141195881305 | 3.16788360033213 |
| 2003-01-01 | 8.71267042515587 | 3.96422623741058 | 2.90667677564543 |
| 2003-04-01 | 7.62123131970166 | 3.1951157979203 | 2.43204624625522 |
| 2003-07-01 | 7.53997452615331 | 3.69210418422648 | 2.9577693790673 |
| 2003-10-01 | 6.56819051360054 | 3.63521013303038 | 2.92772150272054 |
| 2004-01-01 | 6.14970686193036 | 3.29119745275261 | 2.65375809048128 |
| 2004-04-01 | 6.30016544508988 | 3.92257886925205 | 3.27841386539381 |
| 2004-07-01 | 5.88216314807943 | 3.59225934272999 | 2.97731352465346 |
| 2004-10-01 | 5.01983745560365 | 3.33479464688256 | 2.79383934072264 |
| 2005-01-01 | 5.40045761472559 | 3.42520628770821 | 2.91829147325304 |
| 2005-04-01 | 6.35284598890715 | 3.40730499723909 | 2.78412052699826 |
| 2005-07-01 | 5.80600152091008 | 3.49297257423575 | 2.81240111854835 |
| 2005-10-01 | 6.93914485855607 | 3.91292184587275 | 3.17445181067635 |
| 2006-01-01 | 6.23621552736802 | 3.91267045161792 | 3.29027915472147 |
| 2006-04-01 | 6.32613436211437 | 4.38519706149377 | 3.79998619806182 |
| 2006-07-01 | 6.59402731316167 | 4.26693479526609 | 3.61989163343965 |
| 2006-10-01 | 6.1038097100499 | 4.01253653756877 | 3.35378575707852 |
| 2007-01-01 | 5.91695397467809 | 4.03388433980696 | 3.40004282366408 |
| 2007-04-01 | 5.82153001063316 | 4.26056191287068 | 3.60067778446369 |
| 2007-07-01 | 6.89631596119764 | 4.29127948963703 | 3.68851123511694 |
| 2007-10-01 | 7.28428852531015 | 4.07925539397123 | 3.4519625697669 |
| 2008-01-01 | 8.30686498290957 | 4.15230156741938 | 3.10323315372185 |
| 2008-04-01 | 7.9926540601843 | 4.49633582325562 | 3.32207480423171 |
| 2008-07-01 | 8.48500957290451 | 4.86045276805672 | 3.54480023054953 |
| 2008-10-01 | 10.3273507398592 | 6.49334224445078 | 4.50913455642514 |
| 2009-01-01 | 9.96086261510843 | 5.9055205379664 | 3.26619556882375 |
| 2009-04-01 | 9.41080855506353 | 5.84674160959056 | 2.98370258095424 |
| 2009-07-01 | 8.39749653940283 | 4.52541499654548 | 2.57589771793554 |
| 2009-10-01 | 7.68763809561186 | 3.98021265919042 | 2.43523875299922 |
| 2010-01-01 | 7.8072121167079 | 3.67823120233104 | 2.53016070872632 |
| 2010-04-01 | 7.2297032736268 | 3.43039700136118 | 2.21855203508678 |
| 2010-07-01 | 6.92884472016707 | 2.70233332917611 | 1.56288369693035 |
| 2010-10-01 | 5.70754516475937 | 2.74552925898511 | 1.7612544435854 |
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