Publications

June 7, 2019

Estimates of the Financial Cycle for Advanced Economies

Until recently, macroeconomic theory provided at most a small role for the financial system to influence the real economy. This changed with the collapse of Lehman Brothers in 2008 and the financial crisis which...

June 7, 2019

Estimating the Impact of the Financial Cycle on Fiscal Policy

We investigate the impact of the financial cycle on the effectiveness of fiscal policy.

Image for Estimating the Impact of the Financial Cycle on Fiscal Policy