Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy
---- Acknowledgements -----
For their inputs at early stages of this paper, we thank participants to the "Finance and the Real Economy" conference, as well as Nittai Bergman, Martin Brown, Jakub Jurek, Steven Ongena, Thomas Philippon, Rodney Ramcharan, and Jean-Charles Rochet. Charles Boissel provided excellent research assistance. David Thesmar thanks the HEC Foundation for financial support. Augustin Landier is grateful for financial support from Scor Chair at Fondation Jean-Jacques Laffont. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.