How distinct are financial cycles from business cycles?

Gerhard Rünstler ()

Research Bulletin, 2016, vol. 26

Abstract: One foundation for developing new macroprudential policy in addition to traditional macroeconomic stabilisation policy is that financial cycles differ from business cycles. This article identifies properties of credit and housing cycles, shows how they relate to GDP cycles, and compares the reliability of real-time estimates. JEL Classification: C32, E32, E44

Keywords: credit cycle; financial cycles; house prices; model-based filters; unobserved components models (search for similar items in EconPapers)
Date: 2016-08
Note: 339116
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
https://www.ecb.europa.eu//pub/economic-research/r ... tml/rb160831.en.html (text/html)
https://www.ecb.europa.eu//pub/economic-research/r ... html/rb160831.en.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbrbu:2016:0026:

Access Statistics for this article

More articles in Research Bulletin from European Central Bank 60640 Frankfurt am Main, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Official Publications ().