The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find that the boom was unusually long and associated with...

The recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find that the boom was unusually long and associated with...

In this speech, Andrew Sentance, a member of the Monetary Policy Committee, discusses the recent fall in the value of sterling and its implications for monetary policy. He argues that the fall in sterling since mid-2007, particularly against the euro, reflects weaker prospects for UK domestic...