Cetorelli, Nicola; La Spada, Gabriele; Santos, João A. C. - 2022
. Most importantly, we establish a link between loan funds' flows and monetary policy, based on the institutional … characteristics of their portfolio holdings. We find robust evidence indicating a pro-cyclical relationship between monetary policy …-rate decreases. Finally, the effect of monetary policy shocks on loan-fund flows also depends on the level of market short-term rates …