v lewis and m roth ( 2018 ), interest rate rules under financial dominance, deutsche bundesbank, discussion paper, forthcoming. 11 see r bachmann and s ruth ( 2018 ), systematic monetary policy and the macroeconomic effects of shifts in residential loan - to - value ratios, cepr discussion paper, 12024 ; and s eickmeier, b kolb and e prieto ( 2018 ), the macroeconomic effects of bank capital requirement tightenings : evidence from a narrative approach, mimeo, for recent attempts to quantify the macroeconomic effects of macroprudential policies, mimeo. 12 see m h schmitt, k stears, c c wilmers and am shrader ( 2014 ), determining the relative importance of dilution and detection for zebra foraging in mixed - species herds, animal behaviour, 96, 151 – 158. 13 t adrian, n boyarchenko and d giannone, vulnerable growth, american economic review, forthcoming. 14 m schularick and a m taylor. ( 2012 ). credit booms gone bust : monetary policy, leverage cycles, and financial crises, 1870 – 2008. american economic review, 102, 1029 – 61. 15 g coenen, a levin and v wieland ( 2005 ), data uncertainty and the role of money as an information variable for monetary policy, european economic review, 49, 975 – 1006. 16 b s bernanke, reducing systemic risk, speech given at the federal reserve bank of kansas city ’ s annual economic symposium, jackson hole, 22 august 2008. 17 e lazear ( 2011 ), www. chicagobooth. edu / news / 2011 – 10 - 25 - lazear. aspx 18 e virot and a ponomarenko ( 2015 ), popcorn : critical temperature, jump and sound, journal of the royal society interface, 12, 20141247. 6 / 6 bis central bankers'speeches

c m buch, s eickmeier and e prieto ( 2014 ), in search for yield? survey - based evidence on bank risk taking, journal of economic dynamics and control, 43, 12 – 30 ; and g jimenez, s ongena, j l peydro and j saurina ( 2014 ), hazardous times for monetary policy : what do twenty - three million bank loans say about the effects of monetary policy on credit risk - taking?, econometrica, 82, 463 – 505, for evidence on the effects of monetary policy on risk taking. 2 deutsche bundesbank, zur entwicklung der realen portfoliorenditen privater haushalte in deutschland, monatsbericht, august 2018. 3 a barbu, c fricke and e moench ( 2017 ), procyclical asset management, reach for yield, and bond risk premia, mimeo. 4 d w diamond and r g rajan ( 2012 ), illiquid banks, financial stability, and interest rate policy, journal of political economy, 120, 552 – 591 ; e farhi and j tirole ( 2012 ), collective moral hazard, maturity mismatch, and systemic bailouts, american economic review, 102, 60 – 93. 5 see also m gertler, n kiyotaki and a queralto ( 2012 ), financial crises, bank risk exposure and government 5 / 6 bis central bankers'speeches financial policy, journal of monetary economics, 59,, 17 – 34, for a macroeconomic model in which the possibility of asset purchases increases banks ’ incentives to take more risk. 6 o issing ( 2003 ), monetary and financial stability – is there a trade - off?, speech at the conference on “ monetary stability, financial stability and the business cycle ", bank for international settlements, basel. 7 k ueda and f valencia ( 2014 ), central bank independence and macro - prudential regulation, economics letters, 125, 327 – 330. 8 b s bernanke ( 2002 ), asset - price “ bubbles ” and monetary policy, remarks before the new york chapter of the national association for business economics, new york. 9 see r arsenault and n owen - smith ( 2008 ), resource partitioning by grass height among grazing ungulates does not follow body size relation, oikos, 117, 1711 – 1717. 10