Bezemer, Dirk; Grydaki, Maria - In: Journal of Banking & Finance 49 (2014) C, pp. 169-177
financial fragility during the 1984–2007 Great Moderation in the U.S. The literature suggests that macroeconomic stability … rising financial fragility. We show each of these trends in the Great Moderation. We derive the testable implication that in … the Great Moderation credit growth is driven more by past credit growth and less by output growth (Allen and Gale, 2000 …