NDLI: The Financial Stability Dark Side of Monetary Policy

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The Financial Stability Dark Side of Monetary Policy

Content Provider	Scilit
Author	Alessandri, Piergiorgio Conti, Antonio Maria Venditti, Fabrizio
Copyright Year	2017
Description	Journal: SSRN Electronic Journal Since monetary policy affects risk premiums, and these appear to have a stronger influence on economic activity when they rise than when they fall, temporary monetary expansions may both stimulate the economy and sow the seeds of damaging financial market corrections in the future. We investigate this possibility by using local projection methods to examine the propagation of monetary shocks through US corporate bond markets. We find that, while the transmission of monetary shocks is symmetric, the impact of macroeconomic data releases is asymmetric: spreads are more responsive to bad news. Crucially, these responses precede economic slowdowns rather than directly cause them.
Related Links	http://www.bancaditalia.it/pubblicazioni/temi-discussione/2017/2017-1121/en_tema_1121.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3026025
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3026025
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2017-06-16
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Monetary Policy Financial Stability Risk Premia Macro News Local Projections
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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