Monetary policy affects financial markets and the broader economy in part by changing the
risk appetite of investors. This article provides new evidence for this so-called risk-taking …

Motivated by the build-up of shadow bank leverage prior to the financial crisis of 2007–2008,
I develop a nonlinear macroeconomic model featuring excessive leverage accumulation …

We re-examine the relationship between monetary policy and financial stability in a setting
that allows for nonlinear, time-varying relationships between monetary policy, financial …

This paper documents a new transmission channel of monetary policy shocks to equity
premia: Monetary shocks can affect the probability of bad outcomes for future …

The aim of the current research is to provide a model to explain unfavorable risk and
favorable risk with regard to psychological variables in predicting market fluctuations in the …

This thesis studies questions on macroeconomic shocks and the business cycle using
empirical methods. Over three chapters, I study the origins and implications of business …