Financial variables and developments in the real economy

The three panels plot the peak impulse response of consumption (left panel), house prices (middle panel) and the real exchange rate (right panel) to the international credit

Using data on US bilateral real exchange rates we …nd that the ‡uctuations in the relative wedge between retail prices and traded goods prices at-the-dock account for on average

In our study of the real time properties of the cred- it indicator C2 and money supply M2, we have therefore based our study on the published monthly figures for growth rates in