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 …

Corporate bond returns in the major developed economies increase with risk, as measured by maturity and ratings. From a …

The paper inspects the credit impact of policy instruments that are commonly applied to contain systemic risk. It … distribution restrictions, specific and general loan-loss provisioning regulations, sectoral risk weights and exposure limits … most of the macroprudential instruments. Therein, capital buffers and sectoral risk weights act countercyclically …

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 …

In this paper, we analyse the effects of a shock to global fnancial uncertainty and risk aversion on real economic … higher levels of external debt, less developed financial sectors, and higher risk rating. …

This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over … estimating how risk sharing has evolved since the start of the EMU, and in particular during the recent crisis. Our results …