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"Financial crisis" is sometimes regarded as synonymous with "economic crisis", but this is an oversimplification and risks missing the feedback loops between the financial and real economies. In this paper, the role of money is revisited in the context of distinguishing the real economy from the...
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the differences in the growth impact of the COVID-19 shock. Our findings underscore the critical role of balancing health … or oil production – has significantly amplified the shock …
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describe a slow recovery resulting from an adverse financial shock in the presence of an endogenous mechanism of TFP growth …, and examines how monetary policy should react to the financial shock in terms of social welfare. It is shown that in the …
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