The third lever of macroeconomics

The Economist sobre política de crédito

"By credit policy (or banking policy or financial policy) I mean anything that affects how the financial system influences aggregate demand. Of course, we've always known aggregate demand depends on both the central bank’s policy rate and the spread over that rate paid by households and firms. But before the cirisis the relationship between the policy rate and what borrowers paid was assumed to be either constant, or endogenous to monetary policy or the business cycle.

That this is not always true is the greatest lesson macroeconomists have learned from the crisis."