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Why Does Credit Growth Crowd Out Real Economic Growth?

The faster the credit growth, the worse it is for real growth (output per worker). This is what Stephen G. Cecchetti and Enisse Kharroubi want to explain in their NBER working paper "Why Does Credit Growth Crowd Out Real Economic Growth?"

Global Economy

Interviews

Atif Mian WITGT Cover

Major Shifts in Macroeconomics Since the Great Recession | Interview with Atif Mian

Atif Mian, co-author of House of Debt, discusses what he thinks are the "revolutionary" changes in macroeconomic academia since the Great Recession.

US needs large-scale Covid testing urgently: Nobel winning economist Paul Romer

In an exclusive interview with EconReporter on Tuesday, Romer, co-recipient of the 2018 Nobel Prize in Economics Science, urged the US to adopt large-scale testing immediately to halt this most detrimental economic slump ever since the Great Depression in the 1930s.
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Fiscal Theory of Price Level and State of Macroeconomics | Q&A with John Cochrane...

John Cochrane talks about Fiscal Theory of Price Level and how can we apply this theory on the current macroeconomy.
Cover Photo with Calomiris

Politics and the Economics of Banking Crises | Q&A with Charles Calomiris |

In this installment, we continue our discussion with Prof. Charles Calomiris, Henry Kaufman Professor of Financial Institutions at Columbia Business School. The topic of this installment is the missing role of politics in economics models of banking crises. We also discussed if Calomiris thinks macroeconomics has a similar problem.