Can Policy Tame the Credit Cycle?

Jeremy Stein

IMF Economic Review, 2021, vol. 69, issue 1, No 2, 5-22

Abstract: 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 credit-driven fluctuations in real activity.

Date: 2021
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DOI: 10.1057/s41308-020-00125-1

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