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The financial cycle and macroeconomics: What have we learnt?

Borio, Claudio

Journal of banking & finance, 2014-08, Vol.45, p.182-198 [Periódico revisado por pares]

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Título:
The financial cycle and macroeconomics: What have we learnt?
Autor: Borio, Claudio
Assuntos: Balance sheet recessions ; Balance sheet repair ; Business cycle ; Business cycles ; Economic models ; Economic policy ; Economic strategies ; Economic theory ; Financial crises ; Financial cycle ; Macroeconomics ; Medium term ; Modelling ; Monetary economy ; Studies
É parte de: Journal of banking & finance, 2014-08, Vol.45, p.182-198
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: It is high time we rediscovered the role of the financial cycle in macroeconomics. In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the financial cycle. This calls for a rethink of modelling strategies and for significant adjustments to macroeconomic policies. This essay highlights the stylised empirical features of the financial cycle, conjectures as to what it may take to model it satisfactorily, and considers its policy implications. In the discussion of policy, the essay pays special attention to the bust phase, which is less well explored and raises much more controversial issues.
Editor: Amsterdam: Elsevier B.V
Idioma: Inglês

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