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An accommodative monetary policy is considered to be one of the main drivers of this perverse behaviour.
Thus, banks' illiquidity increases due to the fictitious liquidity ensured by an accommodative monetary policy.
We understand a negative Taylor gap as an accommodative monetary policy, and a positive Taylor gap as a restrictive monetary policy.
Brunnermeier and Koby (2016, p.1) establish the existence of a reversal interest rate, which they define as "the rate at which accommodative monetary policy "reverses" its intended effect and becomes contractionary for lending.
The identification strategy applied in this work is as follows: the risk-taking channel would suggest that bank risk increases (Z-score decreases) with a decrease in the Fed effective rate, and this mechanism is amplified by an accommodative monetary policy, that is, when the Taylor gaps are negative.
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