Edge, Rochelle M.; Meisenzahl, Ralf R. - In: International Journal of Central Banking 7 (2011) 4, pp. 261-298
Macroeconomists have long recognized that activity-gap measures are unreliable in real time and that this can present serious difficulties for stabilization policy. This paper investigates whether the credit-to-GDP ratio gap, which has been proposed as a reference point for accumulating...