| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16490 |
| DP16490 Financial Stability Policies and Bank Lending: Quasi-experimental Evidence from Federal Reserve Interventions in 1920-1921 | |
| Kilian Rieder | |
| 发表日期 | 2021-08-28 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | How can policy-makers successfully tame excessive credit growth? I exploit a single natural experiment to estimate the comparative causal effects of different financial stability policies on bank-level credit. In 1920, four Federal Reserve Banks hiked their interest rate indiscriminately to safeguard financial stability. Another four Reserve Banks employed targeted rate action aimed at over-leveraged banks instead. For identification, I draw on border regression discontinuities with the remaining Federal Reserve districts which did not change their stance. The uniform rate hike had weak and partly counterproductive effects, whereas targeted policy caused credit to contract significantly. |
| 主题 | Economic History ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Macroprudential policy Leaning against the wind Credit boom Bank lending Leverage Federal reserve system Progressive discount rate Recession of 1920/1921 |
| URL | https://cepr.org/publications/dp16490-1 |
| 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/545446 |
| 推荐引用方式 GB/T 7714 | Kilian Rieder. DP16490 Financial Stability Policies and Bank Lending: Quasi-experimental Evidence from Federal Reserve Interventions in 1920-1921. 2021. |
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