Abstract The interferences among some financial, economic and monetary variables are checked as an indicator of economic performance in the long run and for the monetary policy applied between the Great Moderation (GM) of 1987-2001 and the Global Financial Crisis of 2007-2009. For achieving this target, some Granger causality tests are applied to GDP growth, credit growth, and lending interest of 36 countries of the EU and the OECD for the full sample of 1987-2012 and the sub-sample of 2002-2007. Results corroborate the interferences among these variables for the discretionary monetary policy applied immediately after the GM, within the “Ad Hoc Era” or “lax period”, and independence when monetary policy was correctly applied and rules-based.

中文翻译：

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大缓和后的货币政策

摘要考察了金融，经济和货币变量之间的干扰，以此作为长期经济绩效的指标，并检验了1987-2001年的“大温和”与2007-2009年的全球金融危机之间所采用的货币政策。为了实现此目标，对1987-2012年的全部样本和2002-2007年的子样本，对欧盟和OECD的36个国家的GDP增长，信贷增长和贷款利息进行了一些格兰杰因果检验。结果证实了这些变量之间的干扰，即在“特设时代”或“宽松时期”内，在全球机制之后立即实施的酌处性货币政策，以及在正确实施货币政策和基于规则的情况下的独立性。