Cappiello, L., Kadareja, A., Kok Sorensen, C., and M. Protopapa, 2010. Do bank loans and credit standards have an effect on output? A panel approach for the euro area. ECB working paper 1150. 30  Wurgler, J., 2000. Financial markets and the allocation of capital. Journal of Financial Economics 58, 187–214. 31  Rajan, R., and L. Zingales, 1998. Financial dependence and growth.
So this morning, I would like to touch on three interconnected issues, all of which are related to structural change. The first of these is the recent GDP growth and inflation outcomes and what they tell us about the evolving balance of demand and supply in the economy.