volatility across World War I, which is reversed after World War II. While we can generate evidence of postwar moderation … for World War II where they support alternative estimates of Kuznets (1952). …

Using new quarterly U.S. data for the past 120 years, I show that sudden reversals in equity and credit market …. Crises and recessions often occur independently of domestic leverage, making the credit-to-GDP gap a deficient early …-warning indicator historically. The fact that equity issuance reversals predict banking crises without elevated private credit levels …

changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

of the economic gains accrued to top earners and economic growth became increasingly dependent on the expansion of credit …