The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we … provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find … economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing …

two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit … Cycle Theory, and how the same observations on the nature of credit constituted the kernel of the Chicago Plan (though Mises …’ views on the nature of credit led him to different conculsions than it led the authors of the Chicago Plan), and how this …

This paper analyzes the design of simple macroprudential rules for bank and non-bank credit markets in a medium … rule implies near price stability, while the optimal macroprudential policy rule stabilizes bank credit and bond volumes …

We develop a canonical framework to think about credit market frictions and aggregate economic activity in the context … intermediation can induce a crisis that affects real activity; and second, how various credit market interventions by the central …

intermediation (Cúrdia and Woodford, 2009). This paper analyzes whether Taylor rules augmented with asset prices and credit can …

intermediation (C�rdia and Woodford, 2009). This paper analyzes whether Taylor rules augmented with asset prices and credit can …