Financial Cycles and the Macroeconomy

该项目旨在衡量和理解金融周期的驱动因素。由于不可持续的金融状况，如过度信贷，往往先于金融周期破裂，而金融周期破裂往往最终演变为经济衰退，因此该项目还旨在阐明金融周期与宏观经济之间的相互作用。这些目标预计将通过应用一套新的计量经济学工具来估计和解释金融周期来实现。该项目的预期成果包括对澳大利亚储备银行等机构的新见解，并应通过适当的宏观经济政策设计提供重大利益。

The project aims to measure and understand the drivers of the financial cycle. As unsustainable financial conditions, such as excess credit, tend to precede financial cycle busts, which often eventuate into recessions, the project aims to also shed light on the interaction between the financial cycle and macroeconomy. These aims are expected to be achieved through the application of a new set of econometric tools to estimate and interpret financial cycles. The expected outcomes of this project include new insights for institutions such as the Reserve Bank of Australia and should provide significant benefit through the appropriate design of macroeconomic policy.