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Money and credit during normal times and house price booms: evidence from time-frequency analysis

机译：金钱和信用在正常时期和房屋价格繁荣：来自时频分析的证据

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摘要

I analyse the link between money and credit for twelve industrialized countries in the time period from 1970 to 2016. The euro area and Commonwealth Countries have rather strong co-movements between money and credit at longer frequencies. Denmark and Switzerland show weak and episodic effects. Scandinavian countries and the US are somewhere in between. I find strong and significant longer run co-movements especially around booming house prices for all of the sample countries. The analysis suggests the expansionary policy that cleans up after the burst of a bubble may exacerbate the risk of a new house price boom. The interrelation is hidden in the short run, because the co-movements are then rarely statistically significant. According to the wavelet evidence, developments of money and credit since the Great Recession or their decoupling in Japan suggest that it is more appropriate to examine the two variables separately in some circumstances.
机译：我在1970年至2016年的时间期间分析了金钱与信用之间的联系。欧元区和英联邦国家在较长的频率下拥有金钱和信贷之间的相当强劲的共同动力。 丹麦和瑞士表现出薄弱和整容的效果。 斯堪的纳维亚国家和美国在两者之间。 我发现强大而显着的持续运动，特别是在所有样本国家的蓬勃发展的房价周围。 分析表明，在泡沫爆裂后清理的扩展政策可能会加剧新房价繁荣的风险。 在短期内，相互关联隐藏，因为合作速度很少有统计学意义。 根据小波证据，自衰退或日本去耦后的资金和信贷发展的表明，在某些情况下单独检查两个变量更为合适。

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