Credit, Financial Stability, and the Macroeconomy
Posted: 7 Aug 2015
There are 3 versions of this paper
Credit, Financial Stability, and the Macroeconomy
NBER Working Paper No. w21039
Number of pages: 43
Posted: 23 Mar 2015
Last Revised: 28 Jun 2023
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55
Credit, Financial Stability, and the Macroeconomy
CEPR Discussion Paper No. DP10511
Number of pages: 44
Posted: 01 Apr 2015
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1
Date Written: August 2015
Abstract
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a lead set by a fast-growing empirical literature. Recent long-run historical work has uncovered a range of important stylized facts concerning financial instability and the role of credit in advanced economies, and this article provides an overview of the key findings.
Suggested Citation: Suggested Citation
Taylor, Alan M., Credit, Financial Stability, and the Macroeconomy (August 2015). Annual Review of Economics, Vol. 7, pp. 309-339, 2015, Available at SSRN: https://ssrn.com/abstract=2640072 or http://dx.doi.org/10.1146/annurev-economics-080614-115437
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