Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/226841 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
ECONtribute Discussion Paper No. 041
Verlag: 
University of Bonn and University of Cologne, Reinhard Selten Institute (RSI), Bonn and Cologne
Zusammenfassung: 
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 gonancial 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.
Schlagwörter: 
financial stability
monetary policy
local projections
JEL: 
E44
E50
G01
G15
N10
Dokumentart: 
Working Paper

Datei(en):
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