Published Classic IMF Economic Review Online 14 Feb 2020 Published Mar 2020US or Domestic Monetary Policy: Which Matters More for Financial Stability?Stephen G. Cecchetti · Tommaso Mancini-Griffoli · Machiko Narita · Ratna SahayAcross nearly 1,000 listed financial firms in 21 countries, prolonged monetary easing raises leverage -- and for non-US firms, sustained easing in the United States raises leverage by more than easing …