A Model of Monetary Policy and Risk Premia
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We develop a dynamic asset pricing model in which monetary policy affects the risk premium component of the cost of capital. Risk-tolerant agents (banks) borrow from risk-averse agents (i.e. take deposits) to fund levered investments. Leverage exposes banks to funding risk, which they insure by
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美国国家经济研究局创建时间：
2014-05-01
