changes in global risk (VIX). We find that inertia (whether the bond behaved as a safe asset in the past) and good … on whether the change in global risk is driven by financial shocks rather than by US monetary policy. …

We study how monetary policy and risk shocks affect asset prices in the US, the euro area, and Japan, differentiating …. Communication shocks from the US spill over to risk in the euro area and vice versa, but traditional US shocks show no spillover … effects to risk. Both monetary policy and communication shocks spill over to stocks, with euro area information spillovers …

supervision reduces credit supply to firms with very high ex-ante and ex-post credit risk, while stimulating credit supply to … firms without loan delinquencies. Moreover, the increased risk-sensitivity of credit supply driven by centralised … crucial complementarities between supervision and monetary policy: centralised supervision offsets excessive bank risk …

without specific climate prudential policies, transition risk can generate excessive risk-taking by banks, which in turn … enough to account for the systemic dimension of transition risk. Implementing macroprudential policies in addition to …