Monetary Policy as Financial-Stability Regulation
NBER Working Paper No. 16883
---- Acknowledgements -----
Eduardo Davila and Fan Zhang provided outstanding research assistance. I am grateful for comments from Robert Barro, Effi Benmelech, Ricardo Caballero, Mark Gertler, Marvin Goodfriend, Robin Greenwood, Sam Hanson, Larry Katz, Arvind Krishnamurthy, Jamie McAndrews, David Scharfstein, Andrei Shleifer, Robert Vishny, the referees, and seminar participants at numerous institutions. Thanks also to Mary Goodman, Sam Hanson, Matt Kabaker, Andrew Metrick, Charlie Nathanson, Larry Summers and Adi Sunderam for a series of early conversations that helped to shape the ideas in this paper. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.