| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12677 |
| DP12677 Risk-Taking Channel of Monetary Policy | |
| Tobias Adrian; Hyun Song Shin | |
| 发表日期 | 2018-02-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. We propose a possible causal mechanism for the forecasting power of the term spread, deriving from the balance sheet management of financial intermediaries and the risk-taking channel of monetary policy. Monetary tightening leads to the flattening of the term spread, reducing net interest margin and credit supply. We provide empirical support for the risk-taking channel. |
| 主题 | Financial Economics |
| 关键词 | Risk taking channel of monetary policy |
| URL | https://cepr.org/publications/dp12677 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541489 |
| 推荐引用方式 GB/T 7714 | Tobias Adrian,Hyun Song Shin. DP12677 Risk-Taking Channel of Monetary Policy. 2018. |
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