Monetary Policy When the Central Bank Shapes Financial-Market Sentiment
研究发现货币政策通过影响风险溢价起作用，但风险溢价压缩可能引发逆转并损害信贷供给和实体经济，这给货币政策带来跨期权衡：当前刺激可能埋下未来衰退的种子。
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.