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The monetary origins of the financial and economic crisis

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  • Landais, Bernard
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    Abstract

    Abstract The monetary policy, especially the American one, can be blamed for the remote role (2002-2004) it played in the creation of the speculative bubble which led to a financial crisis. It also has a part of the responsibility through its restrictive direction during the 2004-2006 period; this time, a direction shared by other central banks. Finally, it is more immediately involved through its lack of clear-sightedness and responsiveness in the first months of the recession.

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    File URL: http://mpra.ub.uni-muenchen.de/23769/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 23769.

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    Date of creation: 11 Mar 2010
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    Handle: RePEc:pra:mprapa:23769

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    Keywords: Economic crisis; Financial crisis; Monetary Policy; Taylor Rule; Taylor gap; Interest Term Spread; Recession;

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    1. Lawrence H. White, 2009. "Federal Reserve Policy and the Housing Bubble," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 115-125, Winter.
    2. David C. Wheelock & Mark E. Wohar, 2009. "Can the term spread predict output growth and recessions? a survey of the literature," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 419-440.
    3. Tobias Adrian & Arturo Estrella & Hyun Song Shin, 2010. "Monetary cycles, financial cycles, and the business cycle," Staff Reports, Federal Reserve Bank of New York 421, Federal Reserve Bank of New York.
    4. Stephen G. Cecchetti, 1997. "Understanding the Great Depression: Lessons for Current Policy," NBER Working Papers 6015, National Bureau of Economic Research, Inc.
    5. Bharat Trehan, 2009. "Predicting crises, part I: Do coming crises cast their shadows before?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep21.
    6. Ahrend, Rudiger, 2010. "Monetary ease: A factor behind financial crises? Some evidence from OECD countries," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 4(12), pages 1-30.
    7. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
    8. Finocchiaro, Daria & Queijo von Heideken, Virginia, 2007. "Do Central Banks React to House Prices?," Working Paper Series 217, Sveriges Riksbank (Central Bank of Sweden), revised 01 Aug 2009.
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