000			01097nam a22001457a 4500
999			_c522689 _d522689
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100			_aKashyap, Anil K. and Stein, Jeremy C. _940456
245			_aMonetary policy when the central bank shapes financial-market sentiment
260			_aThe Journal of Economic Perspectives
300			_a37(1), winter, 2023: p.53-76
520			_aRecent 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			_aThe Journal of Economic Perspectives
906			_aMONETARY POLICY
942			_cAR