Topic
Bust
About: Bust is a research topic. Over the lifetime, 1231 publications have been published within this topic receiving 20969 citations.
Papers published on a yearly basis
1 / 2
Papers
TL;DR: This article studied the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the years 1870-2008 and found that credit growth is a powerful predictor of financial crises, suggesting that policymakers ignore credit at their peril.
Abstract: The financial crisis has refocused attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the years 1870-2008. Total credit has increased strongly relative to output and money in the second half of the twentieth century. Monetary policy responses to financial crises have also been more aggressive, but the output costs of crises have remained large. Credit growth is a powerful predictor of financial crises, suggesting that policymakers ignore credit at their peril. (JEL E32, E44, E52, G01, N10, N20)
2,355 citations
TL;DR: The authors examined the impact of major demographic changes on the housing market in the United States and found that the entry of the Baby Boom generation into its house-buying years was the major cause of the increase in real housing prices in the 1970s.
885 citations
Posted Content•
TL;DR: The authors highlighted the stylised empirical features of the financial cycle, conjectures as to what it may take to model it satisfactorily, and considered its policy implications in the discussion of policy.
Abstract: It is high time we rediscovered the role of the financial cycle in macroeconomics In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the financial cycle This calls for a rethink of modelling strategies and for significant adjustments to macroeconomic policies This essay highlights the stylised empirical features of the financial cycle, conjectures as to what it may take to model it satisfactorily, and considers its policy implications In the discussion of policy, the essay pays special attention to the bust phase, which is less well explored and raises much more controversial issues
877 citations
Posted Content•
TL;DR: This paper examined the impact of major demographic changes on the housing market in the United States and found that the entry of the Baby Boom generation into its house-buying years was the major cause of the increase in real housing prices in the l97Os.
Abstract: This paper examines the impact of major demographic changes on the housing market in the United States. The entry of the Baby Boom generation into its house-buying years is found to be the major cause of the increase in real housing prices in the l97Os. Since the Baby Bust generation is now entering its house-buying years, housing demand will grow more slowly in the 1990s than in any time in the past forty years. If the historical relation between housing demand and housing prices continues into the future, real housing prices will fall substantially over the next two decades.
871 citations
TL;DR: The authors highlights the stylised empirical features of the financial cycle, conjectures as to what it may take to model it satisfactorily, and considers its policy implications, and pays special attention to the bust phase.
Abstract: It is high time we rediscovered the role of the financial cycle in macroeconomics. In the environment that has prevailed for at least three decades now, it is not possible to understand business fluctuations and the corresponding analytical and policy challenges without understanding the financial cycle. This calls for a rethink of modelling strategies and for significant adjustments to macroeconomic policies. This essay highlights the stylised empirical features of the financial cycle, conjectures as to what it may take to model it satisfactorily, and considers its policy implications. In the discussion of policy, the essay pays special attention to the bust phase, which is less well explored and raises much more controversial issues.
799 citations
Related Topics (5)
Performance Metrics
| Year | Papers |
|---|---|
| 2026 | 1 |
| 2025 | 65 |
| 2024 | 81 |
| 2023 | 137 |
| 2022 | 254 |
| 2021 | 84 |