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disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling—with significant ramifications for today’s world, if trueâ …
Persistent link: https://www.econbiz.de/10011131780
Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...
Persistent link: https://www.econbiz.de/10011105367
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377
Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the Balassa- Samuelson effect. But looking back fifty years, this effect virtually disappears from the data. What is often assumed...
Persistent link: https://www.econbiz.de/10010266405
absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …
Persistent link: https://www.econbiz.de/10010266408