Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/50647 
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dc.contributor.authorHume, Michaelen
dc.contributor.authorSentance, Andrewen
dc.date.accessioned2011-10-24T07:51:08Z-
dc.date.available2011-10-24T07:51:08Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aBank of England, External Monetary Policy Committee Unit |cLondonen
dc.relation.ispartofseries|aExternal MPC Unit Discussion Paper |x27en
dc.subject.jelE30en
dc.subject.jelE50en
dc.subject.ddc330en
dc.subject.keywordcrediten
dc.subject.keywordbusiness cycleen
dc.subject.keywordfinancial crisisen
dc.subject.keywordmonetary policyen
dc.subject.keywordasset pricesen
dc.subject.keywordboom and busten
dc.subject.stwKrediten
dc.subject.stwKreditmarkten
dc.subject.stwKonjunkturen
dc.subject.stwGeldpolitiken
dc.subject.stwKonjunkturtheorieen
dc.subject.stwTheorieen
dc.titleThe global credit boom: Challenges for macroeconomics and policy-
dc.typeWorking Paperen
dc.identifier.ppn601520173en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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