12  For causal evidence that lower interest rates lead to more risk-taking by banks, see Jimenez, G., Peydro, J., Ongena, S. and J. Saurina, 2012, “Hazardous time for monetary policy: What do 23 million loans say about the impact of monetary policy on credit risk-taking?”, Econometrica, forthcoming.
Overall, stock market wealth fell $ trillion (or 46 percent) between its peak in the first quarter of 2000 and its trough in the third quarter of 2002. The flow of funds accounts are published quarterly and are available at www.federalreserve.gov/releases/z1. 2  BIS central bankers’ speeches  various forms of short-term wholesale funding, including commercial paper, repos, securities lending transactions, and interbank loans.