| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14797 |
| DP14797 Leaning against the wind and crisis risk | |
| Moritz Schularick; Lucas ter Steege; Felix Ward | |
| 发表日期 | 2020-05-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest rates? This paper studies the state-dependent effects of monetary policy on financial crisis risk. Based on the near-universe of advanced economy financial cycles since the 19th century, we show that discretionary leaning against the wind policies during credit and asset price booms are more likely to trigger crises than prevent them. |
| 主题 | Economic History ; Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Financial stability monetary policy Local projections |
| URL | https://cepr.org/publications/dp14797-2 |
| 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/543728 |
| 推荐引用方式 GB/T 7714 | Moritz Schularick,Lucas ter Steege,Felix Ward. DP14797 Leaning against the wind and crisis risk. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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