regime dependent two-pillar Phillips curve for the euro area, in which lagged credit growth determines the transition …

This paper assesses the adjustment of inflation with financial dynamic fundamentals of money (financial depth), credit …-term adjustments in the ability of banks to transform money into credit do not matter in correcting inflation. This is most probably … between inflation and the fundamentals. (2) The error correction mechanism is stable in all specifications but in case of any …

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 …

case of prevailing inflation, there is a mismatch between the nominal interest rate that is a discounting factor for all …

effectiveness of macroprudential policy in reducing credit growth over a 22-year period across 129 countries. Additionally, we … credit growth within a quarter of implementation, though this is not evident in the case of soft peg exchange rate regimes …