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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 followed. Financial quantities such as outstanding credit and house prices are now believed to have real macroeconomic effects. In order to study these effects we need to quantify the influence of the financial system. The financial cycle, characterized by long period cyclical movements in financial variables, may provide such a measure. →

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

Door huishoudens met hoge hypotheekschulden zijn de totale uitgaven van huishoudens tijdens de recessie met 6% verminderd. →