This article analyzes the impact of monetary policy during periods of low and high financial
stress in the US economy using a threshold vector autoregression model. There is evidence …

Abstract This essay reviews Michel De Vroey's important new book on the history of
macroeconomics, which extends to business cycles an earlier book by the same author on …

This paper analyzes the role of financial development as a source of endogenous instability
in small open economies. By assuming that firms face credit constraints, our model displays …

This paper investigates asymmetric effects of monetary policy over the business cycle. A two-
state Markov Switching Model is employed to model both recessions and expansions. For …

This study empirically investigates whether real interest rates are associated with a stronger
or weaker finance–growth relationship in the Japanese economy, where the relationships …

Aggregate time series provide evidence of short-term dynamic adjustment that appears to be
governed by complex or negative real eigenvalues. This finding is at odds with the …

This article proposes a theory of investment fluctuations in which the source of the oscillating
dynamics is an agency problem between financiers and entrepreneurs. In the model …

This paper analyzes the impact and effectiveness of conventional monetary policy during
periods of low and high financial stress in the US economy. Using data from 1973Q1 to …

This paper provides an analysis of the long-and short-run determinants of domestic bank
lending to the private sector in eleven Central, Eastern and Southeastern European …

In light of the recent economic crisis and in keeping with Hyman Minsky s analysis of
financial instability, this book considers the important interaction between cycles and growth …