Arbeitspapier
Leaning against the Wind and Crisis Risk
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 stability. 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.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 8484
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Financial Crises
International Financial Markets
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: General, International, or Comparative
- Thema
-
financial crises
instrumental variable
open economy trilemma
local projections
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Schularick, Moritz
ter Steege, Lucas
Ward, Felix
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and Ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Schularick, Moritz
- ter Steege, Lucas
- Ward, Felix
- Center for Economic Studies and Ifo Institute (CESifo)
Entstanden
- 2020
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