Finance and Business Cycles: The Credit-Driven Household Demand Channel
提出信贷扩张通过家庭需求驱动商业周期的观点，称为信贷驱动的家庭需求渠道，该渠道有助于解释2008年全球金融危机及过去40年多国的经济波动。
What is the role of the financial sector in explaining business cycles? This question is as old as the field of macroeconomics, and an extensive body of research conducted since the Global Financial Crisis of 2008 has offered new answers. The specific idea put forward in this article is that expansions in credit supply, operating primarily through household demand, have been an important driver of business cycles. We call this the credit-driven household demand channel. While this channel helps explain the recent global recession, it also describes economic cycles in many countries over the past 40 years.