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dc.contributor.authorHume, Michaelen_US
dc.contributor.authorSentance, Andrewen_US
dc.date.accessioned2011-10-24T07:51:08Z-
dc.date.available2011-10-24T07:51:08Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/50647-
dc.description.abstractThe recent financial crisis has put the spotlight on the rapid rise in credit which preceded it. In this paper, we provide an empirical and theoretical analysis of the credit boom and the macroeconomic context in which it developed. We find that the boom was unusually long and associated with neither particularly strong growth nor rising inflation in the economies in which it took place. We show that this type of credit and financial cycle is hard to reconcile with existing economic theory and argue that, while the 'global savings glut' may account for the cycle's initial phase, other factors such as the conduct of monetary policy and perceptions of declining macroeconomic risk were more important from the mid-2000s onwards. We conclude by identifying some of the challenges now facing macroeconomics and policy.en_US
dc.language.isoengen_US
dc.publisherBank of England, Monetary Policy Committee Londonen_US
dc.relation.ispartofseriesExternal MPC unit discussion paper 27en_US
dc.subject.jelE30en_US
dc.subject.jelE50en_US
dc.subject.ddc330en_US
dc.subject.keywordcrediten_US
dc.subject.keywordbusiness cycleen_US
dc.subject.keywordfinancial crisisen_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordasset pricesen_US
dc.subject.keywordboom and busten_US
dc.subject.stwKrediten_US
dc.subject.stwKreditmarkten_US
dc.subject.stwKonjunkturen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwTheorieen_US
dc.titleThe global credit boom: Challenges for macroeconomics and policyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn601520173en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:External MPC Unit Discussion Papers, Bank of England

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