variables in this analysis, the now infamous credit to GDP chart. We compare the conclusions reached in the literature after the … crisis with the results that could have been drawn from an ex ante analysis. We show that, even though credit affects the …

Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of dollar …

imbalances in the world economy associated with finance-dominated capitalism. From this it follows that in the near and not so … near future, the US will no longer be able to act as the driving force for world demand. In order to avoid a period of … deflationary stagnation in major parts of the world economy, we finally propose the policy package of a Global Keynesian New Deal …

of growth induced by financial deepening from crises induced by credit booms. Cross-country panel regressions with five …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon. …

others blow over. We demonstrate that what makes some bubbles more dangerous than others is credit. When fueled by credit … slower recoveries. Credit-financed housing price bubbles have emerged as a particularly dangerous phenomenon …

collateral in a competitive credit pool. When the asset pledgeability is low, the down payment is high, and bubble investment is … of individual default risk may facilitate risk-taking. In equilibrium, credit-constrained borrowers may optimally choose … model implies a close relationship between the boom and bust of housing prices and securitized credit …

relaxation that eases the leverage constraint of an intermediary leads to the increasing mortgage credit and the decreasing …