Financial Conditions Targeting

We thank Fabrice Collard, Xavier Gabaix, Matteo Maggiori, Andrei Shleifer, Ivan Werning, Christian K. Wolf, Bill English, and seminar participants at Banque de France, Brown, GCAP conference, the Fed Board, the Chicago Fed, Chicago Booth, the Cleveland Fed, LBS, MIT, the New York Fed, Oxford, RBA, the St. Louis Fed, the San Francisco Fed, Stanford GSB, Warwick, NBER SI (macro, money, and financial frictions), Cowles (macroeconomics), the ECB, the ESM, and the WUSTL Olin School of Business for their comments. Caballero acknowledges support from the National Science Foundation (NSF) under Grant Number SES-1848857. First draft: March 20, 2024. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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• November 25, 2024