In recent years, there has been a resurgence of research on the transmission of monetary policy through the financial system, fueled in part by empirical findings showing that monetary policy affects asset prices and the financial system in ways not explained by the New Keynesian paradigm. In particular, monetary policy appears to impact risk premia in stock and bond prices and to effectively control the liquidity premium in the economy (the cost of holding liquid assets). We review these findings and recent theories proposed to explain them, and we outline a conceptual framework that unifies them. The framework revolves around the central role of liquidity in risk sharing and explains how monetary policy governs its production and use within the financial sector.

中文翻译：

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流动性，风险溢价和货币政策的财务传导

近年来，关于货币政策在金融体系中的传导的研究重新兴起，部分原因是根据经验发现，货币政策以新凯恩斯主义范式未解释的方式影响资产价格和金融体系。特别是，货币政策似乎会影响股票和债券价格的风险溢价，并有效地控制经济中的流动性溢价（持有流动资产的成本）。我们回顾了这些发现，并提出了用于解释它们的最新理论，并概述了将它们统一的概念框架。该框架围绕流动性在风险分担中的核心作用展开，并解释了货币政策如何控制金融部门内部的生产和使用。