Baker, Sarah S.; López-Salido, José David; Nelson, Edward - 2018
merits of the "money view" and "credit view" as accounts of macroeconomic outcomes. Our own analysis of the postwar evidence … suggests that money outperforms credit in predicting economic downturns in the 14 countries in Schularick and Taylor's dataset … incorrectly take the money view's proponents as relying on the notion that monetary aggregates are a good proxy for credit …