This paper tests the conjecture that easy money policies of central banks, that is setting low rates for long, are responsible for the excess risk-taking behavior that led to the global financial crisis. If the conjecture holds then policy rate shocks should have persistent effects on bank behavior either through the bank lending or the risk-taking channel. Using data for the period prior to the global financial crisis, and a shock persistence methodology, we find that the policy rate has only limited idiosyncratic effects on bank lending growth and no effect on credit risk.

中文翻译：

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央行是罪魁祸首吗？货币政策与银行借贷行为

本文检验了中央银行长期设定低利率的宽松货币政策是导致全球金融危机的过度冒险行为的原因。如果猜想成立，那么政策利率冲击应该会通过银行贷款或风险承担渠道对银行行为产生持续影响。使用全球金融危机之前的数据和冲击持续性方法，我们发现政策利率对银行贷款增长的特殊影响有限，对信用风险没有影响。