000			00931nam a22001457a 4500
999			_c518335 _d518335
008			210917b ||||| |||| 00| 0 eng d
100			_aSchularick, M., Steege, L.T. and Ward, F. _929116
245			_aLeaning against the wind and crisis risk
260			_aThe American Economic Review: Insights
300			_a3(2), Jun, 2021: p.199-214
520			_aCan 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 financial cycles since the nineteenth 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. – Reproduced
773			_aThe American Economic Review: Insights
906			_aFINANCIAL CRISES
942			_cAR