Is monetary policy less effective in boosting aggregate demand and output during periods of
persistently low interest rates? This paper reviews the reasons why this might be the case …

Using a frequency-based filter, I document the existence of a euro-area financial cycle and
high-and low-amplitude national financial cycles. Applying concordance and similarity …

Since the 2008–2009 Great Financial Crisis, major advanced economies (AEs) have used
monetary and macroprudential policies to achieve macroeconomic and financial stability …

We use Bayesian and GMM panel VAR frameworks to study interactions between financial
and macroeconomic imbalances based on a global sample of 24 countries spanning the …

A decade after the beginning of the global financial crisis, the fallout continues to reshape
the financial system. Gross cross-border capital flows are 65 percent lower in absolute terms …

Tackling the fiscal policy-financial stability nexus is essential to ensure financial and hence
macroeconomic stability. In this paper, we review the literature on this topic and suggest how …

The study analyzed the extent of financial cycle synchronization, as represented by the
Aggregate Financial Cycle and the Credit and Housing Cycle, in South Africa from 1975q1 …

Given high government spending, debt and the new challenges on the horizon, the themes
of this work are more relevant than ever: the essential tool of spending by the state, its' value …

We isolate and analyze financial cycles for ten selected economies based on quarterly time-
series data from 1970 to 2018. Our study shows that a global financial cycle lasts nine years …

Research background: Financial cycles are behind many deep financial crises and it closely
connects them with the business cycles, showing long memory properties and effects. Being …