Credit, Financial Stability, and the Macroeconomy

Alan Taylor

Annual Review of Economics, 2015, vol. 7, issue 1, 309-339

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.

Keywords: banks; leverage; financial crises; recessions; macroeconomic history; financial history; monetary policy; macroprudential policy (search for similar items in EconPapers)
JEL-codes: E02 E31 E32 E42 E44 E51 E58 F32 F42 G01 G20 G28 N10 N20 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (50)

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Related works:
Working Paper: Credit, Financial Stability, and the Macroeconomy (2015)
Working Paper: Credit, Financial Stability, and the Macroeconomy (2015)
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