Procyclicality and Monetary Aggregates
---- Acknowledgements -----
This paper was presented at the 2010 Bank of Korea Research Conference (May 31 - June 1, 2010) and at the NBER EASE meetings under its former title "Macroprudential Policy and Monetary Aggregates". We are grateful to our discussants Kyungsoo Kim, Mark Spiegle, Michael Devereux and Somchai Jitsuchon and to the other participants at the two meetings for their comments. We also thank Andrew Rose and Takatoshi Ito for their guidance in preparing the current version of our paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.