The Myth of Financial Innovation and the Great Moderation
质疑金融创新导致大缓和的实证证据，发现住房抵押贷款行为变化不大，但货币紧缩时非银行金融机构增加了抵押贷款持有。
Financial innovation is widely believed to be at least partly responsible for the recent financial<br/>crisis. At the same time, there are empirical and theoretical arguments that support the view that<br/>changes in financial markets, in particular, innovations in consumer credit and home mortgages,<br/>played a role in the great moderation. This article questions empirical evidence supporting<br/>this view. Especially the behaviour of aggregate home mortgages changed less during the great<br/>moderation than is typically believed. A remarkable change we do find is that monetary tightenings<br/>became episodes during which financial institutions other than banks increased their mortgages<br/>holdings.