Credit and business cycles : an empirical analysis in the frequency domain

Borradores de Economia
Number: 
843
Published: 
Classification JEL: 
E32, E44, C38
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

The history of economic recessions has shown that every deep downturn has been accompanied by disruptions in the financial sector. Paradoxically, up until the financial world crisis of 2007-2009, little attention was given to macroeconomic and financial i