Curbing the Credit Cycle
研究了信贷周期的特征及其与银行危机的关联，分析了银行间战略互补性如何放大周期，并探讨了宏观审慎政策通过提高风险成本和影响银行预期来抑制信贷周期的机制。
Credit cycles have been a characteristic of advanced economies for over 100 years. On average, a sustained pick‐up in the ratio of credit to GDP has been highly correlated with banking crises. The boom phases of the cycle are characterised by large deviations in credit from trend. A range of mechanisms can generate these effects, each of which has strategic complementarity between banks at its core. Macro‐prudential policy could curb these credit cycles, both through raising the cost of maintaining risky portfolios and through an expectations channel that operates via banks' perceptions of other banks' actions