Stephen Giovanni Cecchetti's Books

Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.

In Eyes of Love, Stephen Kern offers a bold reinterpretation of women in art and literature.

By focusing on the big picture via core principles, this title teaches students the rationale for financial rules and institutional structure. It focuses on the basic functions served by the financial system while deemphasizing its structure and rules. It offers a student-friendly approach to the subject.

Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find that the leverage ratio, as well as other measures of firm-level vulnerability, increases for banks and nonbanks as domestic monetary policy easing persists. Cross-border effects are also notable. We find effects of roughly similar magnitude on foreign financial sector firms when the U.S. eases policy. Results appear robust to a variety of specifications, and to be non-linear, with risk-taking behavior rising most quickly at the onset of monetary policy easing.

Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.

Book's by Stephen Giovanni Cecchetti

Asset Prices and Central Bank Policy

Asset Prices and Central Bank Policy

Eyes of Love

Eyes of Love

Money, Banking, and Financial Markets

Money, Banking, and Financial Markets

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Asset Prices and Central Bank Policy

Asset Prices and Central Bank Policy

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