Central banks should have control over credit
Despite an "unprecedented expansion" in the role of credit in the modern economy, it has not been accorded a place in central banks' policies and that is a "fundamental fault line" in macroeconomic thinking, argue Moritz Schularick and Alan Taylor in a column for VoxEU.org, an economics blog.
In a column published on Tuesday, Schularick, an assistant professor of economics, and Taylor, a think-tank director and fellow of the Centre for Economic Policy Research (CEPR), highlight their recent work
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