Icelandic paper finds ‘striking’ ties between financial cycle and real economy
Authors identify strong financial cycle linked to global factors
Economists at the Central Bank of Iceland highlight new evidence on the severity of the financial cycle and its impact on the macroeconomy in a paper published on August 10.
The working paper finds the financial cycle has played a major role in the Icelandic economy for more than a century, though its effects have become stronger in recent decades.
Authors Bjarni Einarsson, Kristófer Gunnlaugsson, Thorvardur Tjörvi Ólafsson, and Thórarinn Pétursson show peaks in the cycle coincide with financial
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