This paper analyses the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy with credit frictions, with the driver of growth lying in one sector...

Contents -- Preface -- I Monetary Policy -- Questions: How Should the Crisis Affect Our Views of Monetary Policy? -- 1 Monetary Policy in the Wake of the Crisis -- 2 Conventional Wisdom Challenged? Monetary Policy after the Crisis -- 3 Lessons for Monetary Policy -- 4 Macroeconomics, Monetary...