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GDP Growth, Private Debt and Monetary Policy

Author

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  • Gianluca Cafiso

Abstract

Economic research has considered Private Debt a determinant of GDP growth for years. By keeping this perspective, the objective of this work is to understand how much of the GDP response to a monetary shock is due to the variation of private debt. This is the marginal contribution of private debt, which we relate to an increase of the aggregate demand. We study the USA, the UK and Germany in the period 1980q1-2015q4. Our approach is based on the comparison of one baseline structural VAR with one counterfactual for each country. The analysis is developed using the two main constituents of private debt: households and corporations debt.

Suggested Citation

  • Gianluca Cafiso, 2017. "GDP Growth, Private Debt and Monetary Policy," CESifo Working Paper Series 6500, CESifo.
    • Handle: RePEc:ces:ceswps:_6500
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp6500.pdf
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    Cited by:

    1. Muhammad Zahid Naeem & Chan Bibi, 2019. "Macroeconomic Determinants of Economic Growth under the Perspective of Monetary Policy in Pakistan: An Empirical Analysis," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 8(3), pages 164-176, September.

    More about this item

    Keywords

    private debt; GDP; monetary policy; structural VAR;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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