Anderson, Richard G.; Bordo, Michael D.; Duca, John V. - 2015
changes in uncertainty and risk premia spanning the two major financial crises of the last century: the Great Depression and … Great Recession. V2 is notably affected by risk premia, financial innovation, and major banking regulations. Findings … preventing excess reserves from fueling a surge in M2, but also countering a fall in the demand for money as risk premia return …