Hofmann, Boris; Peersman, Gert - 2017 - First version: July 2017, this version: October 2017
This study shows that, in the United States, the effects of monetary policy on credit and housing markets have become … considerably stronger relative to the impact on GDP since the mid-1980s, while the effects on inflation have become weaker …. Macroeconomic stabilization through monetary policy may therefore have become associated with greater fluctuations in credit and …
