| 000 -LEADER |
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| fixed length control field |
01097nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
230504b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Kashyap, Anil K. and Stein, Jeremy C. |
| 245 ## - TITLE STATEMENT |
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| Title |
Monetary policy when the central bank shapes financial-market sentiment |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
The Journal of Economic Perspectives |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
37(1), winter, 2023: p.53-76 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
Recent research has found that monetary policy works in part by influencing the risk premiums on both traded financial-market securities and intermediated loans. Research has also shown that when risk premiums are compressed, there is an increased likelihood of a reversal that damages the credit-supply mechanism and the real economy. Together these effects create an intertemporal tradeoff for monetary policy, as stimulating the economy today can sow the seeds of a future downturn that might be difficult to offset. We draw out some implications of this tradeoff for the conduct of monetary policy.- Reproduced |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
The Journal of Economic Perspectives |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
MONETARY POLICY |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
