The relationship between money, credit and policy
Policy responses to financial crises have been more aggressive after the second world war, but the output costs of crises have remained high despite that, according to a paper published on Monday by the Centre for Economic Policy Research.
The paper, entitled "Credit booms gone bust: monetary policy, leverage cycles and financial crises 1870-2008" studies the behaviour of money and macroeconomic indicators over the stated period. It constructs a historical dataset covering the US, Canada
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