1 4/5  BIS central bankers' speeches  1 See, for example, Robert F. Martin, Teyanna Munyan, and Beth Anne Wilson (2014), “ Potential Output and  Recessions: Are We Fooling Ourselves?” IFDP Notes (Washington: Board of Governors of the Federal Reserve System, November 12); and Olivier Blanchard, Eugenio Cerutti, and Lawrence Summers (2015), “Inflation and Activity—Two Explorations and Their Monetary Policy Implications (PDF),” IMF Working Paper WP/15/230 (Washington: International Monetary Fund, November).
Second, loans are not the only assets on banks' balance sheets; indeed, in recent quarters, growth in these other assets has been particularly slow – slower than both credit and deposits (Graph 8). So deposit growth has more than matched the growth in total assets. https://www.rba.gov.au/speeches/2018/sp-ag-2018-09-19.html  11/16  20/09/2018  Money – Born of Credit?