2021
DOI: 10.1057/s41308-020-00125-1 View full text |Buy / Rent full text
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Abstract: In this paper, I begin by providing a brief survey of recent research that highlights some of the key empirical facts about credit cycles. Next, I interpret these facts through a conceptual lens, asking what theoretical mechanisms appear to be most consistent with the data. And finally, I pose the question of what policymakers can do-with either regulatory tools or monetary policy-to help moderate creditdriven fluctuations in real activity. This paper is a lightly edited version of remarks given as the Mundell… Show more

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