Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/210338 
Authors: 
Year of Publication: 
2017
Series/Report no.: 
Staff Memo No. 4/2017
Publisher: 
Norges Bank, Oslo
Abstract: 
I look at the short-term relationship between nominal GDP and credit and nominal GDP and house prices in 20 OECD countries. In the recent years central banks have become increasingly concerned with financial stability. These concerns sometimes lead to trade-offs for monetary policy. One important policy question is how the variables related to financial stability is related to different macroeconomic aggregates followed by the central bank. I find considerable similarities in the short-term relationship between the variables across the countries in the data set. The cross correlations are notably large, and there are relatively stable lead/lag structures across most countries. I also develop a synchronization indicator which shows that the variables tend to follow the same growth cycles.
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-974-6
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Research Report
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