in order to account for variations within these variables over time. We argue that measures of money and credit growth … the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis … the ECB during the crisis. -- Subprime crisis ; federal reserve ; European Central Bank ; equilibrium real interest rate …

inflation. This renders it difficult for central bank to exit from their current very expansive monetary policy stance if they …

We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit …