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We examine the negative relationship between the rate of growth in credit and the rate of growth in output per worker … credit, the lower the growth rate of output per worker. We then proceed to build a model in which this relationship arises … this theoretical prediction to industry-level data and find that credit growth disproportionately harms output per worker …
Persistent link: https://www.econbiz.de/10012910648
We examine the negative relationship between the rate of growth in credit and the rate of growth in output per worker … credit, the lower the growth rate of output per worker. We then proceed to build a model in which this relationship arises … this theoretical prediction to industry-level data and find that credit growth disproportionately harms output per worker …
Persistent link: https://www.econbiz.de/10012480730
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[...]The task facing the Eurosystem is even morecomplex than that facing countries with stable monetaryregimes, where the measurement of the national andregional impact of policy has already proved to be extremelydifficult. The creation of the Eurosystem constitutes aregime shift in virtually...
Persistent link: https://www.econbiz.de/10005870058