Ma, Y., J. Zhang——International Journal of Finance & Economics: Financial Cycle, Business Cycle, and Monetary Policy
时间:2016-10-11
Economists used to think that financial factors are not important in the business cycle, but the 2008 global financial crisis has made it apparent that financial cycle plays a much larger role in macroeconomic dynamics than anticipated. Against this background, economists endeavor to introduce financial factors into macroeconomic models. In this paper, we incorporate financial cycle into a four-equation model to study the linkages and interactions between financial cycle, business cycle and mone