NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Credit, Financial Stability, and the Macroeconomy

Alan M. Taylor

NBER Working Paper No. 21039
Issued in March 2015
NBER Program(s):Development of the American Economy, Economic Fluctuations and Growth, Monetary Economics

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a lead set by a fast-growing empirical literature. Recent long-run historical work has uncovered a range of important stylized facts concerning financial instability and the role of credit in advanced economies, and this article provides an overview of the key findings.

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Document Object Identifier (DOI): 10.3386/w21039

Published: Alan M. Taylor, 2015. "Credit, Financial Stability, and the Macroeconomy," Annual Review of Economics, vol 7(1), pages 309-339.

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