Aizenman, Joshua; Pasricha, Gurnain; Falagiarda, Matteo; … - National Bureau of Economic Research (NBER) - 2015
controls before and after the global financial crisis. Our results, based on panel VARs on quarterly data, suggest that capital … impact is generally small. While we find some evidence of effectiveness before the global financial crisis, the usefulness of … these measures weakened in the post-crisis environment of abundant global liquidity and relatively strong economic growth in …