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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
      
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The Risk-Taking Channel of Monetary Policy in the U.S.: Evidence from Corporate Loan Data, Journal of Money, Credit and Banking 1; February (2017). Delis, Manthos D. ; Hasan, Iftekhar; Mylonidis, Nikolaos


Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Delis, Manthos D. ; Hasan, Iftekhar; Mylonidis, Nikolaos 
Number of authors
Status Published
Year of publication 2017 
Date 27.01.2017 
Name of article The Risk-Taking Channel of Monetary Policy in the U.S.: Evidence from Corporate Loan Data 
Name of journal Journal of Money, Credit and Banking
Volume of issue 49 
Number of issue 1; February 
Pages 187-213 
Abstract To study the presence of a risk-taking channel in the U.S., we build a comprehensive data set from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and Romer and Romer (2004) residuals. We identify a negative relation between monetary policy rates and bank risk-taking, especially in the run up to the 2007 financial crisis. However, this effect is purely supply-side driven only when using Taylor residuals and an ex ante measure of bank risk-taking. Our results highlight the sensitivity of the potency of the risk-taking channel to the measures of monetary policy innovations.
Free text descriptor in Finnish rahapolitiikka; Yhdysvallat; yritykset; luotot; pankkitoiminta; riskit; pankit 
ISSN / e-ISSN 0022-2879 
auki Internet addresses
Additional information First published: 27 January 2017
Notes BoF DP 18/2017 


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