Unconventional monetary policy and productivity: Evidence on the risk-seeking channel from US corporate bond markets
收藏Organisation for Economic Co-operation and Development2026-04-11 收录
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We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US between 2008 and 2016. Using monetary policy surprises, obtained from changes in interest rates futures in narrow windows around FOMC announcements, we isolate the increased access to high-yield bond markets relative to...
