finance and economics discussion series federal reserve board washington d c issn 1936 2854 print issn 2767 3898 online financial stability considerations for monetary policy empirical evidence and challenges nina ...
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...Finance and economics discussion series federal reserve board washington d c issn print online financial stability considerations for monetary policy empirical evidence challenges nina boyarchenko giovanni favara moritz schularick please cite this paper as of governors the system https doi org feds note sta working papers in are preliminary materials circulated to stimulate critical comment analysis conclusions set forth those authors do not indicate concurrence by other members research or references publications than acknowledgement should be cleared with author s protect tentative character these february abstract reviews literature on relationship between vulnerabilities macroeconomy how affects that connection build up over time both risk appetite taking rising during economic expansions some extent crises predictable have severe real consequences when they occur empirically it is difficult link part because cycles long durations making separate effects changes from business cycle...