The elephant in the living room -- How government created the housing bubble -- The great Wall Street bailout -- How government causes the boom-bust business cycle -- Great myths about the great depression -- Money -- What now?

The study analyses financial cycles based on a global sample of 34 advanced and developing countries over the period 1960Q1 to 2015Q4. We use dynamic factor models and state-space techniques to estimate financial cycles in credit, housing, bond and equity markets, as well as aggregate...