The financial crisis was in large part caused, prolonged, and worsened by a series of
government actions and interventions. The housing boom and bust that precipitated the …

We identify the effects of monetary policy on credit risk‐taking with an exhaustive credit
register of loan applications and contracts. We separate the changes in the composition of …

Using a unique dataset of the Euro-area and the US bank lending standards, we find that
low (monetary policy) short-term interest rates soften standards for household and corporate …

We study the risk-taking channel of monetary policy in Bolivia, a dollarized country where
monetary changes are transmitted exogenously from the USA. We find that a lower policy …

This book provides a compendium to the empirical work investigating the hypotheses
generated by recent banking theory. Such a compendium is overdue. Since the publication …

This paper investigates empirically the drivers of financial imbalances ahead of the global
financial crisis. Three factors may have contributed to the build-up of financial imbalances:(i) …

Housing markets have played a prominent role in macroeconomic developments over
recent years. For a great part of the 2000s, buoyant housing markets have contributed to …

This lecture examines monetary policy during the past three decades. It documents two
contrasting eras: first a Rules‐Based Era from 1985 to 2003 and second an Ad Hoc Era from …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it.
In this paper, we provide an empirical and theoretical analysis of the credit boom and the …

In this paper we investigate the relationship between loose monetary policy, low inflation,
and easy bank credit with asset price booms. Using a panel of up to 18 OECD countries from …