An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime
调查了1880年至今多国货币政策与金融稳定的共同演变，基于历史证据和著名金融危机案例，发现金融危机原因多样，信贷驱动的资产价格繁荣与严重危机关联较弱。
This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in recent decades, but in general financial crises are very heterogeneous and hard to categorize. Moreover, evidence shows that the association across the country sample between credit booms, asset price booms, and serious financial crises is quite weak.