• Emmanuel Farhi


Cyclical Macroeconomic Policy, Financial Regulation, and Economic Growth. Phillippe Aghion, Emmanuel Farhi, December 2013, Paper. "This paper investigates the effect of cyclical macroeconomic policy and financial regulation on growth. Using cross-country, cross-industry OECD data, it yields two main findings. First, counter-cyclical fiscal and monetary policies foster disproportionately growth in more credit/liquidity constrained industries. Second, while tighter financial regulation –in the form of higher bank capital ratios- may contribute to reducing the benefit of a counter-cyclical monetary policy..." Link