Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2012
This paper studies the role of credit in the business cycle, with a focus on private credit overhang. Based on a study … of the modern business cycle: financial-crisis recessions are more costly than normal recessions in terms of lost output … idea that financial factors play an important role in the modern business cycle. -- leverage ; booms ; recessions …