NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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A Model of Monetary Policy and Risk Premia

Itamar Drechsler, Alexi Savov, Philipp Schnabl

NBER Working Paper No. 20141
Issued in May 2014, Revised in August 2015

---- Acknowledgments ----

We thank Viral Acharya, Xavier Gabaix, John Geanakoplos, Valentin Haddad, Matteo Maggiori, Alan Moreira, Stefan Nagel, Francisco Palomino, Cecilia Parlatore, participants at the 2012 CITE conference at the Becker Friedman Institute, the 2013 Kellogg Junior Macro conference, the Princeton Finance Seminar, the 2013 Five-Star Conference at NYU, the 2014 UBC Winter Finance Conference, the 2014 Cowles GE Conference at Yale, Harvard Business School, the 2014 Woolley Centre conference at LSE, the Minneapolis Fed, and the 2015 AFA Meetings for their comments. 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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