In this paper, I begin by providing a brief survey of recent research that highlights some of the key empirical facts about credit cycles. Next, I interpret these facts through a conceptual lens, asking what theoretical mechanisms appear to be most consistent with the data. And finally, I pose the question of what policymakers can do—with either regulatory tools or monetary policy—to help moderate credit-driven fluctuations in real activity.

中文翻译：

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政策可以驯服信贷周期吗？

在本文中，我首先提供对最新研究的简要调查，以突出显示有关信贷周期的一些关键经验事实。接下来，我将通过概念的角度解释这些事实，并询问哪种理论机制似乎与数据最一致。最后，我提出一个问题，决策者可以采取什么手段-借助监管工具或货币政策-来帮助缓和信贷驱动的实际活动中的波动。